Wave energy is an important type of marine renewable energy. A wave energy converter (WEC) moored with two floating bodies was developed in the present study. To analyze the dynamic performance of the WEC, an experimental device was designed and tested in a tank. The experiment focused on the factors which impact the motion and energy conversion performance of the WEC. Dynamic performance was evaluated by the relative displacements and velocities of the oscillator and carrier which served as the floating bodies of WEC. Four factors were tested, i.e. wave height, wave period, power take-off (PTO) damping, and mass ratio (R M) of the oscillator and carrier. Experimental results show that these factors greatly affect the energy conversion performance, especially when the wave period matches R M and PTO damping. According to the results, we conclude that: (a) the maximization of the relative displacements and velocities leads to the maximization of the energy conversion efficiency; (b) the larger the wave height, the higher the energy conversion efficiency will be; (c) the relationships of energy conversion efficiency with wave period, PTO damping, and R M are nonlinear, but the maximum efficiency is obtained when these three factors are optimally matched. Experimental results demonstrated that the energy conversion efficiency reached the peak at 28.62% when the wave height was 120 mm, wave period was 1.0 s, R M was 0.21, and the PTO damping was corresponding to the resistance of 100 Ω.