Many islands in China are far from the mainland and electricity is difficult to cover or the cost is high, due to this issue, the wind energy, wave energy and solar energy can be used to meet the demand of island power supply. However, the energy density of these renewable energy sources is low and the stability is poor, which may cause power supply instability. To deal with this issue, a multi-energy hybrid power system based on wave and wind energy is introduced to improve power supply stability and power quality. Based on wave energy and wind energy, a multi-energy hybrid power system is established in this paper, and the whole system model and the control strategy of wind generator and direct-drive wave generator and the grid-side inverter control strategy are analyzed and deduced. The PSCAD simulation model of the whole system is built, and the simulation analysis is carried out. The results show that the wind energy and wave energy can be used to generate electricity, the output power is stable and power tracking is achieved.