In the present study, the performance of a floating oscillating water column (OWC) device has been studied in regular waves. The OWC model has the shape of a hollow cylinder. The linear potential theory is assumed, and a matched eigenfunction expansion method(MEEM) is applied for solving the diffraction and radiation problems. The radiation problem involves the radiation of waves by the heaving motion of a floating OWC device and the oscillating pressure in the air chamber. The characteristics of the exciting forces, hydrodynamic forces, flow rate, air pressure in the chamber, and heave motion response are investigated with various system parameters, such as the inner radius, draft of an OWC, and turbine constant. The efficiency of a floating OWC device is estimated in connection with the extracted wave power and capture width. Specifically, the piston-mode resonance in an internal fluid region plays an important role in the performance of a floating OWC device, along with the heave motion resonance. The developed prediction tool will help determine the various design parameters affecting the performance of a floating OWC device in waves.