Electromagnetic induction generator is not the best choice for collecting low frequency wave energy, since waves have the characteristics of low frequency and variable amplitude. In contrast, triboelectric nanogenerator (TENG) has an absolute advantage in collecting low‐frequency mechanical energy. Based on this, a dual‐float‐based triboelectric nanogenerator (DF‐TENG) for harvesting low‐frequency wave energy is proposed in this article. In this device, the TENG is mounted in the lower float, and its slider component is connected to the upper float by a cable. On the one hand, the motion of the slider is consistent with the relative motion of the dual floats, which is easy to analyze; on the other hand, the TENG is located in the lower float, which avoids damage to the TENG caused by extreme sea conditions. The physical model of the device was established, and the motion characteristics, electrical output characteristics, and its influencing factors of TENG were analyzed using finite element simulation software. The numerical calculations were verified by experimental tests. The calculated results show that the optimal matching resistance of the system is 500 MΩ. The research work in this article provides a research basis and reference for the development and application of such wave energy devices.