The history and current status of research and development of wave energy in the world is briefly introduced. The main problems existing in these studies are pointed out. The description is focused on the current status and the advancements achieved in China. After analysis of the wave energy resources and practical situations in China, it is pointed out that the studies on wave energy should be not only concentrated on the conversion efficiency and costs of wave energy devices, but also focused on the technology of independent operation and stable output of electricity. Finally, the perspectives of application of wave energy in China are discussed.