Several studies have shown that actuation concepts such as Serial elastic actuator (SEA) can reduce peak power and energy consumption in ankle prostheses. Proper selection and design of the actuation concepts is important to unlock the power source potential. In this work, the optimization design, mechanical design, control scheme, and bench experiments of a new powered ankle-foot prosthesis is proposed. The actuation concept of this prosthesis is parallel elastic actuator (PEA) composed of electro-hydrostatic actuator (EHA) as the power kernel and a unidirectional parallel spring as the auxiliary energy storage element. After the appropriate motor and transmission ratio was selected, a dynamic model of the PEA prosthesis was built to obtain the appropriate spring parameters driven by biological data. The design of the hydraulic and mechanical system and the controller were provided for the implementation of the designed system. Bench experiments were performed to verify the performance. The results showed that the designed prosthesis meets the biomechanical dynamics requirements. This result emphasizes the feasibility of the EHA as a power source and actuator and provides new ideas for the design of ankle-foot prostheses.