The impact of Strouhal number St (= 0.1–1.0), Reynolds number Re (= 50–2000) and dimensionless wavelength λ (= 0.5–2.0) on the hydrodynamic performance of a travelling wavy foil of a constant length is extensively investigated. The relationship of time-mean thrust with St, Re and λ is presented, suggesting that the propulsive force increases with increasing St, Re and λ. As such, the drag–thrust boundary advances as these parameters increase. A shorter λ makes the thrust steadier while a longer λ enhances the maximum instantaneous thrust. The latter is beneficial for prey to escape from a predator. The fluid added mass caused by the foil oscillation increases with St and λ but declines with Re (<500). Seven types of wake structures produced by the foil are identified, discussed and connected to thrust generation, showing how St, Re and λ affect the fluid dynamics, wake transition, vortex strength, wake jet, velocity, added mass, added damping, power input, efficiency and pressure profiles. The outcome of this work renders a physical basis for understanding the swimming of aquatic animals.