Proton exchange membrane electrolyzer (PEMELE) water electrolysis has garnered considerable interest for its high efficiency, particularly in microgrid applications. However, the diffusion processes within PEMELE introduce significant nonlinearity in the voltage-current relationship and exacerbate current ripple during operation. Excessive current ripple not only compromises hydrogen production efficiency and system performance but also accelerates device degradation. To mitigate these issues, this article introduces a fractional-order equivalent circuit model that accurately captures the dynamics of PEMELE. Based on this model, a dynamic fractional-order model predictive control (DFOMPC) strategy is developed, utilizing both real-time and historical current data to predict voltage-current behavior. By explicitly accounting for the nonlinear and memory-dependent characteristics of PEMELE, the proposed approach achieves superior control performance. Simulations and hardware experiments demonstrate that, compared to conventional MPC, the proposed method reduces current ripple by 39.7% to 42.4% and voltage ripple by 18.5%–27.6%.