The InWave wave energy converter (WEC), which is three-tether WEC type, absorbs wave energy via moored cylindrical buoys with three ropes connected to a terrestrial power take-off (PTO) through a subsea pulley. In this study, a simulation study was conducted to select a suitable PTO when designing a three-tether WEC. The mechanical PTO transfers energy from the buoy to the generator using a gearbox, whereas the hydraulic PTO uses a hydraulic pump, an accumulator, and a hydraulic motor to convert mechanical energy into electrical energy. The hydraulic PTO has a lower energy conversion efficiency than that of the mechanical PTO owing to losses resulting from pipe friction and the individual efficiencies of the hydraulic pumps and motors. However, the efficiencies mentioned above are not the efficiency of the whole system. The efficiency of the whole system should be analyzed considering the tension of the rope and the efficiency of the generator. In this study, the energy conversion efficiencies of the InWave WEC installed the mechanical and hydraulic PTO devices are compared, and their behaviors are analyzed through numerical simulations. The mechanics of mechanical and hydraulic PTO applied to InWave are mathematically expressed, and the issues of the elements constituting the PTO are explained. Finally, factors to consider for PTO selection are presented.