Hybrid propulsion systems allow for a reduction of fuel consumption and pollutant emissions of future off-highway applications. A challenging aspect of a hybridization is the larger number of system components that further increases both the complexity and the diversification of such systems. Hence, beside a standardization on the hardware side for off-highway systems, a high flexibility and modularity of the control schemes is required to employ them in as many different applications as possible. In this paper, a causal optimization-based power management algorithm is introduced to control the power split between engine and electric machine in a hybrid powertrain. The algorithm optimizes the power split to achieve the maximum power supply efficiency and, thereby, considers the energy cost for maintaining the battery charge. Furthermore, the power management provides an optional function to control the battery state of charge in such a way that a target value is attained. In a simulation case study, the potential and the benefits of the proposed power management for the hybrid powertrain—aiming at a reduction of the fuel consumption of a DMU (diesel multiple unit train) operated on a representative track—will be shown.