Point absorber wave energy device with multiple degrees of freedom (DOF) is assumed to have a better absorption ability of mechanical energy from ocean waves. In this paper, a coaxial symmetric articulated point absorber wave energy converter with two degrees of freedom is presented. The mechanical equations of the oscillation buoy with power take-off mechanism (PTO) in regular waves are established. The three-dimensional numerical wave tank is built in consideration of the buoy motion based upon the CFD method. The appropriate simulation elements are selected for the buoy and wave parameters. The feasibility of the CFD method is verified through the contrast between the numerical simulation results of typical wave conditions and test results. In such case, the buoy with single DOF of heave, pitch and their coupling motion considering free (no PTO damping) and damped oscillations in regular waves are simulated by using the verified CFD method respectively. The hydrodynamic and wave energy conversion characteristics with typical wave conditions are analyzed. The numerical results show that the heave and pitch can affect each other in the buoy coupling motion, hydrodynamic loads, wave energy absorption and flow field. The total capture width ratio with two coupled DOF motion is higher than that with a single DOF motion. The wave energy conversion of a certain DOF motion may be higher than that of the single certain DOF motion even though the wave is at the resonance period. When the wave periods are high enough, the interaction between the coupled DOF motions can be neglected.