Storm surges and disastrous waves induced by cold air outbreaks, a type of severe weather system, often impact the coastal economic development. Using the Climate Forecast System Reanalysis wind product and the Coupled Ocean–Atmosphere–Wave–Sediment Transport model, we developed a coupled numerical model and applied it to examine the interaction between surface gravity waves and ocean currents during cold air outbreaks in two case studies in the northern East China Sea. The results revealed that wave–current interactions improved the simulation accuracy, especially the water level, as verified by tidal station measurements. We conducted sensitivity experiments to explore the spatiotemporal variation of the impact of wave–current interactions on storm surges and waves in the northern East China Sea, away from the coastline. The wave-induced surge (up to 0.4 m) and the wave-induced current (up to 0.5 m/s) were found to be related to the difference between wave direction and current direction. The significant wave height difference (up to 0.5 m) was sensitive to the storm surge nearshore and sensitive to the current field offshore, while the mean wave direction change (up to 40°) was more sensitive to the current field than to the storm surge. Additionally, the wave–current interaction regulated the momentum balance and wave action balance, respectively. By comparison, the momentum residuals of pressure gradient, Coriolis force, Coriolis–Stokes force, and bottom stress, which were pronounced in different areas, were modulated more significantly by the wave effect than other terms. The dominant mechanisms of wave–current interactions on waves included the current-induced modification of energy generation caused by wind input, the current-induced modification of energy dissipation caused by whitecapping, and the current-induced wave advection.