This paper presents a recent study on the design and analysis of an oscillating surge wave energy converter (OSWEC). A successful wave energy conversion design requires balance between the design performance and cost. The cost of energy is often used as the metric to judge the design of the wave energy conversion (WEC) system, which is often determined based on the device’s power performance; the cost of manufacturing, deployment, operation, and maintenance; and environmental compliance. The objective of this study is to demonstrate the importance of a cost-driven design strategy and how it can affect a WEC design. A set of three oscillating surge wave energy converter designs was analyzed and used as examples. The power generation performance of the design was modeled using a time-domain numerical simulation tool, and the mass properties of the design were determined based on a simple structure analysis. The results of those power performance simulations, the structure analysis, and a simple economic assessment were then used to determine the cost-efficiency of selected OSWEC designs. Finally, we present a discussion on the environmental barrier, integrated design strategy, and the key areas that need further investigation.