Accurate estimation of offshore wind turbine (OWT) modal parameters has a prominent effect on the design loads, lifetime prediction, and dynamic response of the system. Modal parameters can vary during the operation of OWTs. This paper studies the variation and sensitivity analysis of an OWT’s modal parameters with respect to operational and environmental conditions. Three finite element models of a jacket-supported OWT at the Block Island Wind Farm are created within the OpenSees, SAP2000, and OpenFAST platforms and validated using experimental measurements. The OpenFAST model is used to simulate the modal parameters of the turbine under various wind speed, rotor speed, power, yaw angle, mean sea level, blade pitch angle, and soil spring values. The model-predicted modal parameters of the first fore–aft (FA) and side–side (SS) modes are compared to those identified from experimental measurements. Results from the simulations show that the first FA natural frequency and damping ratio mostly depend on the rotor speed and wind speed, respectively, while yaw angle and mean sea level do not have a visible effect. It is observed that there is about 8% stiffening in the first FA frequency and an aerodynamic damping of 7.5% during the operation of the OWT.