This paper mainly focuses on control algorithm of the braking energy regeneration system of an electric bus under safety–critical driving situations. With the aims of guaranteeing vehicle stability in various types of tyre–road adhesion conditions, based on the characteristics of electrified powertrain, a novel control algorithm of regenerative braking system is proposed for electric vehicles during anti-lock braking procedures. First, the models of vehicle dynamics and main components including braking energy regenerative system of the case-study electric bus are built in MATLAB/Simulink. Then, based on the phase-plane method, the optimal brake torque is calculated for ABS control of vehicle. Next, a novel allocation strategy, wherein the target optimal brake torque is divided into two parts that are handled separately by the regenerative and friction brakes, is developed. Simulations of the proposed control strategy are conducted based on system models built using MATLAB/Simulink. The simulation results demonstrate that the developed strategy enables improved control in terms of vehicle stability and braking performance under different emergency driving conditions. To further verify the synthesized control algorithm, hardware-in-the-loop tests are also performed. The experimental results validate the simulation data and verify the feasibility and effectiveness of the developed control algorithm.