The main aim of this paper is to analyze the effects of the heave motion of an elastically supported floating oscillating water column device (OWC) on wave energy harvesting efficiency through two-dimensional computational fluid dynamics simulations. After the numerical model is validated using experimental data, it is used to analyze the effect of the natural frequency ratio on the hydrodynamic efficiency of the OWC. The natural frequency ratio is the ratio of the natural frequency to the wave frequency. The numerical results prove that the natural frequency ratio must be greater than 3 for achieving the best hydrodynamic efficiency. The best hydrodynamic efficiency decreases with the decrease in the natural frequency ratio when the latter is 3. If the natural frequency ratio is smaller than 3, both the amplitudes of wave surface elevation and the displacement of the OWC chamber increase but the harvested energy reduces because the relative motion of the wave surface and the OWC device is small. The energy dissipation due to vortices does not have a strong contribution to the reduction of energy at small natural frequencies.