The power take-off (PTO) is a key component for wave energy converters (WECs). The dynamic properties of the PTO influence the response of the WEC and should be considered when designing the WEC and not oversimplified. In addition, the efficiency as well as the reliability can play an important role on whether the PTO can be suitable for real-world applications. In this paper, a novel compact PTO rated at 10 kW is designed and prototyped, and a comprehensive nonlinear dynamic model is established for the PTO. Through bench testing, the unknown parameters of the dynamic model are characterized and determined. Further verification shows that the model can predict the dynamic performance of the PTO well. In addition, the test results show that the mechanical motion rectifier PTO can achieve good energy transfer efficiency, especially for low-load and low-speed conditions.