This paper proposes a novel allocation-based control method for four-wheel independently actuated electric vehicles. In the proposed method, both actuator dynamics and input/output constraints are fully taken into consideration in the control design. First, the actuators are modeled as first-order dynamic systems with delay. Then, the control allocation is formulated as an optimization problem, with the primary objective of minimizing errors between the actual and desired control outputs. Other objectives include minimizing the power consumption and the slew rate of the actuator outputs. As a result, this leads to frequency-dependent allocation that reflects the bandwidth of each actuator. To solve the optimization problem, an efficient numerical algorithm is employed. Finally the proposed control allocation method is implemented to control a four-wheel independently actuated electric vehicle. Simulation results show that the proposed method is valid and effective in improving the actuator response and subsequently the handling performance.