The aim of this research is to develop an innovative approach for electric power conversion of the vast ocean wave energy. A floating-buoy wave energy converter (WEC) using hydrostatic transmission (HST), which is shortened as HSTWEC, has been proposed to enhance the wave energy generation from wave fluctuations. In the HSTWEC device, the power take-off system (PTO) was combined with an HST circuit and an electric generator to convert the mechanical energy generated by wave energy into electrical energy. Design concept and working principle of the HST circuit were firstly derived. Next, a mathematical model, control concepts and selections of main components of the HSTWEC system has been carried out for an adequate investigation of the suggested system. Finally, simulations using MATLAB/Simulink and AMESim software have been performed in order to verify the effectiveness of the proposed HSTWEC. The simulation results show that more than 65% of wave energy can be absorbed by using the HSTWEC device.