This paper compares the energy economy and vertical vibration characteristics of in-wheel drive electric vehicles (IEVs), in-wheel drive electric hydraulic hybrid vehicles (IHVs) and centralized drive electric vehicles (CEVs). The dynamic programming (DP) algorithm is used to explore the optimal energy consumption of each vehicle. The energy economy analysis shows that the IEV consumes more energy than the CEV due to its relatively lower electric motor efficiency, even with fewer driveline components. The IHV consumes much more energy than the IEV and CEV because of the energy loss in the hydraulic driveline. The vertical vibration analysis demonstrates that both IEV and IHV degrade the vehicle driving comfort due to increased unsprung mass. Taking the advantage of high power density of the hydraulic motor, IHV have less unsprung mass when compared with the IEV, which helps to mitigate the vibration problems caused by increased unsprung mass.