This paper aimed to study the water management of alkaline anion exchange membrane fuel cells (AEMFC) via experiments and numerical simulations. Tokuyama A201 membrane was used to prepare and assemble a laboratory-scale AEMFC single cell. A two-dimensional steady-state isothermal model of the AEMFC was established to study the battery performance and internal water transport mechanisms. The model was based on mass conservation, composition conservation, and charge conservation, and considered the electrochemical reactions inside the battery. The battery performance and internal water transport and water distribution were analyzed through model calculations. The results show that the calculated polarization curve trend under certain parameters was in good agreement with the data obtained from the single cell tests. An increase in current density increased the net flux of water from the anode to the cathode, which was conducive to the reaction of the cathode. The anode and cathode both required humidification. Increasing the anode inlet gas humidity could speed up the net migration of water from the anode to the cathode. Too low inlet gas humidity of the cathode had a great impact on cell performance at high current densities.