The paper focuses on the study of a semi-activated system, based on a combination of two movements of forced pitching and free-heaving motion. Therefore, quantifying with accuracy the hydrodynamic forces applied on the hydrofoil seems to be crucial. This is investigated throughout a numerical analysis of the hydrofoil dynamics. The deformable structure is oscillating in a low-Reynolds number flow. In this study, a hydrofoil animated by a combined forced pitching and heaving movements is considered. Various materials of the hydrofoil structure are studied, from the rigid material to a more flexible one. A partitioned implicit coupling approach is applied in order to consider the Fluid-Structure Interaction (FSI) effects, while the Navier–Stokes equations are solved using the Arbitrary Lagrangian–Eulerian (ALE) method. Both the viscous incompressible Navier–Stokes equations and the elasticity equation are solved using finite volume method. The study is based on the analysis of the hydrodynamic loads acting on the structure. Therefore, the induced dynamics and the power coefficient of the structure are investigated. It is shown that the flexibility of the hydrofoil has an effect on its hydrodynamic behavior. Indeed it increases the load fluctuations and the horizontal mean force component. Furthermore, the unsteady vortices around the hydrofoil are highly impacted by its deformations. Finally, the structure deformations mostly improve the device energy efficiency.