Investing in green hydrogen systems has become a global objective to achieve the net-zero emission goal. Therefore, it is seen as the primary force behind efforts to restructure the world’s energy, lessen our reliance on gas, attain carbon neutrality, and combat climate change. This paper proposes a power management for a net zero emission PV microgrid-based decentralized green hydrogen system. The hybrid microgrid combines a fuel cell, battery, PV, electrolyzer, and compressed hydrogen storage (CHSU) unit aimed at power sharing between the total components of the islanded DC microgrid and minimizing the equivalent hydrogen consumption (EHC) by the fuel cell and the battery. In order to minimize the EHC and maintain the battery SOC, an optimization-based approach known as the Equivalent Consumption Minimization Strategy (ECMS) is used. A rule-based management is used to manage the power consumed by the electrolyzer and the CHSU by the PV system in case of excess power. The battery is controlled by an inverse droop control to regulate the dc bus voltage and the output power of the PV system is maximized by the fuzzy logic controller-based MPPT. As the hybrid microgrid works in the islanded mode, a two-level hierarchical control is applied in order to generate the voltage and the frequency references. The suggested energy management approach establishes the operating point for each system component in order to enhance the system’s efficiency. It allows the hybrid system to use less hydrogen while managing energy more efficiently.