In this study, with respect to wave energy generation technology, a new scheme is proposed for oscillating-buoy type wave energy conversion. A three-dimensional model of a power generation device is established based on SolidWorks, and a three-dimensional viscous numerical pool is setup using STAR-CCM+ to facilitate the simulation analysis of the device. The hydrodynamic performance and energy capture characteristics of the device were examined using theoretical analysis and numerical simulations. The regularities of parameters, such as motion response, force, and output power of the device, were analysed under four wave environments with different time periods (T) and wave heights (H). The analysis and conclusions can be utilised as a reference for studying the hydrodynamic performance of wave power generation devices.