A wind-wave hybrid system consisting of a semi-submersible floating wind turbine and an array of heaving wave energy converters (HWECs) provides a solution for co-located marine renewable energy extraction. The knowledge of the coupled dynamic and power features of the hybrid system is important to the design and operation but is poorly understood. This study proposes a comprehensive numerical model that can tackle the full couplings by bridging the aerodynamic module of OpenFAST and the hydrodynamic simulator WAFDUT through an in-house code based on multi-body dynamics. The coupled dynamic and power generation characteristics of the hybrid system are investigated, with an emphasis on the influence of the HWECs on the wind-induced motion, mooring tension, and wind power generation of the turbine. Results show that the HWECs do not produce negative effects on the wind-induced surge, heave, and pitch motions. The HWECs can slightly reduce the mooring tension and slightly improve wind power generation. The array of HWECs can generate over 500 kW wave power in the waves with periods of 6 s–10 s, which can be a qualified supplement to wind power. The findings offer useful knowledge about the key properties of the hybrid system for practical use.