Proton exchange membrane fuel cell (PEMFC) has been considered as one of the promising renewable power technologies for the vehicular application. This paper proposes a fuel cell electric vehicle (FCEV) power system model that can be implemented in the hardware-in-the-loop (HIL) emulation for real-time execution on fieldprogrammable gate arrays (FPGAs). The FCEV model comprises three parts: a PEMFC, a Z-source inverter and a squirrel cage motor. To achieve an accurate and efficient FPGA resources' utilization, the PEMFC model is implemented by CPU whereas the models of the DC-AC inverter and the electrical motor are built in FPGA. For the validation of the proposed power system, the real-time simulation tests are conducted with a high accuracy. The developed hybrid system model can reach a simulation time step of 100 ns for FPGA and 500 μs for CPU under the co-simulation mode. Moreover, the simulation under various system operating conditions indicates that the high performance can be reached by the hybrid system computed in real-time. The proposed real-time model can be used to design the on-line diagnostic and model predictive control method, which can help to test the FCEV before the commercial applications.