Abstract Proton exchange membrane water electrolysis (PEMWE) for hydrogen production possesses wide-ranging and rapid dynamic response capabilities, offering promising applications in the consumption of new energy sources and the dynamic balancing of power grids with a high proportion of renewable energy. The assembly and operating conditions of PEMWE significantly affect its performance. Therefore, thoroughly studying and understanding the influence of PEMWE’s assembly and operating conditions on water electrolysis performance are crucial for enhancing PEMWE’s performance and promoting its applications. In this research, the influence of installation preload torque, feedwater flow rate, and operating temperature on the performance of the electrolyzer, including the electrochemical active specific surface area (ECSA), high-frequency resistance (HFR) and various types of polarizations (including activation polarization, ohmic polarization, and mass transfer polarization) during the operation of the electrolyzer, were detailedly investigated. The results showed that the optimal preload torque and operating temperature for the electrolyzer were 3 Nm and 80°C. Under these conditions, an optimized PEMWE performance would be achieved by ensuring that the feedwater flow rate exceeded the water consumption during electrolysis.