This paper describes the linearized and nonlinear dynamic response of a tension leg platform (TLP) to random waves and current forces. The forcing term of the equation of motion is inherently nonlinear due to the nonlinear drag force. Two analysis procedures are used: nonlinear time domain analysis and linear frequency domain analysis. For the nonlinear analysis, the random wave particle velocities and accelerations are simulated for a given wave spectrum. The nonlinear equation of motion is then integrated directly to obtain the system response statistics. For the linear frequency domain analysis, the nonlinear drag force is linearized through an introduction of linearization coefficients. The main objective of this paper is to investigate the effect of the structural damping and wave parameters on both nonlinear and linear dynamic response of the TLP by parametric studies. The results of stochastic nonlinear and linear dynamic response of the TLP, with and without the presence of current, are presented and compared.