Escalating energy demands and dramatic changes in global climate present a formidable challenge. As a clean, renewable, and unexploited large-scale energy source, ocean wave energy has attracted research attentions all over the world. Although the existing theoretical technologies of wave energy power generation are emerging rapidly, few of them can be applied to massive practical deployment. The current achievements of wave energy resources are reviewed in this paper; various forms and energy transmission modes of oscillating buoy wave energy converters are summarized, and their characteristics and scope of application are detailed; the different array arrangement and benefits of the oscillating buoy wave energy converter are summarized; the directions for future oscillating buoy device development are outlined. Particularly, enormous amount of wave energy from far offshores will be exploited through using advanced and sophisticated equipment and technology, the oscillating buoy energy capture method and more direct and efficient direct-drive power generation devices will be the main choice for wave energy development in the future; to optimize the selection, size, and array layout of oscillating buoy wave energy converter can effectively improve the energy conversion efficiency and lower the levelized cost.