In this study, an ensemble forecasting model for in situ wind speed and wave height was developed using the Coupled Ocean–Atmosphere–Wave–Sediment Transport (COAWST) model. This model utilized four bias correction algorithms—Model Output Statistics (MOS), Back Propagation Neural Network (BPNN), Long Short-Term Memory (LSTM) neural network, and Convolutional Neural Network (CNN)—to construct ensemble forecasts. The training data were derived from the COAWST simulations of one year and observations from three buoy stations (Laohutan, Zhifudao, and Lianyungang) in the Yellow Sea and Bohai Sea. After the optimization of the bias correction model training, the subsequent evaluations on the ensemble forecasts showed that the in situ forecasting accuracy of wind speed and wave height was significantly improved. Although there were some uncertainties on bias correction performance levels for individual algorithms, the uncertainties were greatly reduced by the ensemble forecasts. Depending on the dynamic weight assignment, the ensemble forecasts presented a stable performance even when the corrected forecasts by three algorithms had an obvious negative bias. Specifically, the ensemble forecasting bias was found with a mean reduction of about 96%~99% and 91%~95% for wind speed and wave height, and a reduction of about 91%~98% and 16%~54% during the period of Typhoon “Muifa”. For the four correction algorithms, the performance of bias correction was not directly related to the algorithm complexity. However, the strategies with more complex algorithms (i.e., CNN) were more conservative, and simple algorithms (i.e., MOS) might have induced unstable performance levels despite their lower bias in some cases.