This paper presents a thermal analysis of a semi-active battery/supercapacitor (SC) hybrid energy storage system (HESS), which is used in electric vehicles (EVs), at subzero temperatures. In subzero temperature environments, EVs suffer a dramatic driving range loss due to the energy and power capability reduction of LiFePO4 batteries, as well as severe battery degradation due to Li plating. This will increase the system operation cost because the battery pack needs to be changed frequently. Based on a novel degradation model of LiFePO4 batteries, which is validated over a wide temperature range, a near-optimal energy management strategy of the HESS for on-line use is proposed using the dynamic programming (DP) approach, which minimizes the operation cost (the electricity and the battery fade costs) over a typical China Bus Drive Cycle (CBDC). The convective heating method is integrated into the DP process. Finally, the required heating of the HESS at subzero temperatures over multi-CBDC is analyzed by evaluating the system operation cost. Simulation results show that the heating process becomes increasingly necessary with increased driving range, battery price, and heating efficiency, as well as decreasing environment temperature.