Based on the past ten years of ERA5 wave field data, this study analyzed the distribution of wave energy resources in the coastal waters of each province around the South China Sea. In view of the single resource evaluation method, a regional classification method was established that comprehensively considered the three factors that impact wave energy resource reserves, the suitable water depth of the wave energy conversion device, and the device layout mode that affects energy absorption efficiency. From this information, the locations of key deployment stations around the coastal provinces were determined. Additionally, the CRITIC method was used to build indicators that can comprehensively evaluate the performance of different devices, and the most suitable devices for deployment in the five provinces were identified. The wave energy propagation direction of each key station was analyzed. The results show that the wave energy propagation direction of each station is relatively concentrated, which is convenient since this helps the device absorb and utilize energy more efficiently. Finally, the power generation performance and economic benefits of each key station’s most suitable device were analyzed. This article provides an assessment of the applicability of mainstream wave energy conversion devices in the nearshore area of the South China Sea, which is of great significance for the development and utilization of wave energy resources in the South China Sea’s nearshore waters. It provides a scientific basis for the selection, deployment, operation, and other practical operations of the follow-up devices in the South China Sea, as well as the power generation performance and economic benefits of the devices.