In order to simulate and analyze the economy performance of the tracked hybrid electric bulldozer under whole operation cycle, a secondary development of ADVISOR was applied and straight and steering dynamics model, track model, oil pump model and transfer case model, etc., were established in Matlab/Simulink, then the models of hybrid electric bulldozer and its compared bulldozer were built. The real two compared bulldozers’ tests were conducted under straight cycle and steering cycle, respectively. And then the key operating parameters of powertrain source and powertrain terminal in simulations and tests, such as speed of engine, power of genset, voltage of super capacitors and traction and velocity of bulldozer, were compared to validate the accuracy of the models. The results showed that the established models had relatively high simulation accuracy. The economy performance was simulated under whole operation cycle by using the established models, which showed that the hybrid electric bulldozer had significant energy savings under both straight dozing and steering cycles, furthermore, the adoption of the enginegenerator set optimal efficiency curve control strategy can further enhance the energy saving effect.