Abstractcean energy has progressively gained considerable interest due to its sufficient potential to meet the world’s energy demand, and the blade is the core component in electricity generation from the ocean current. However, the widened hydraulic excitation frequency may satisfy the blade resonance due to the time variation in the velocity and angle of attack of the ocean current, even resulting in blade fatigue and destructively interfering with grid stability. A key parameter that determines the resonance amplitude of the blade is the hydrodynamic damping ratio (HDR). However, HDR is difficult to obtain due to the complex fluid–structure interaction (FSI). Therefore, a literature review was conducted on the hydrodynamic damping characteristics of blade-like structures. The experimental and simulation methods used to identify and obtain the HDR quantitatively were described, placing emphasis on the experimental processes and simulation setups. Moreover, the accuracy and efficiency of different simulation methods were compared, and the modal work approach was recommended. The effects of key typical parameters, including flow velocity, angle of attack, gap, rotational speed, and cavitation, on the HDR were then summarized, and the suggestions on operating conditions were presented from the perspective of increasing the HDR. Subsequently, considering multiple flow parameters, several theoretical derivations and semi-empirical prediction formulas for HDR were introduced, and the accuracy and application were discussed. Based on the shortcomings of the existing research, the direction of future research was finally determined. The current work offers a clear understanding of the HDR of blade-like structures, which could improve the evaluation accuracy of flow-induced vibration in the design stage.