The facts are that increasing energy demand, depletion of fossil fuel, and greenhouse gas emissions have increased the world's interest in renewable energy. Out of all RE options, Wave Energy (WE) is the least harnessed one despite the availability of WE Resource (WERs) in many countries and with the potential to cover a significant proportion of the world's energy needs. Australia, mainly in the southern part of the country, has plenty of this resource. Although recently, the Australian Government has started to focus on WERs as a Renewable Energy Source (RES) to cope with the energy crisis, research suggests that the country's progress in the WE generation to meet the energy demand is well below the potential generation capacity. However, insufficient research and studies address the issues and technologies in detail. This study examines the viability of further developing WE as a renewable energy source in Australia by evaluating the current constraints and challenges to achieving a satisfactory level of WE generation in the country. As a result, this study emphasizes the trustworthiness of WE in terms of several criteria. The availability of WERs within Australia and the status of producing WE are reviewed in this study. It also highlighted certain Australian technologies and devices that are now being tested or deployed in real-time. Moreover, this review is expanded by comparing the key developers in the WE sector to Australia to uncover some of the contributing elements in other countries that may have contributed to the growth of the WE generation in other nations. Finally, some of the barriers identified are lack of high-resolution data and social & environmental challenges. Some recommendations are given in the latter part of the review to accelerate WE production in Australia.