A novel hydro-kite like ocean energy converter is proposed in this paper to harness both ocean current and wave energy. The proposed ocean energy converter is typically designed to consist of a hydro-kite like kite floating or submerged in the ocean and an energy conversion unit set on a ship. The ocean wave or current energies can be generated by pulling a pre-tensioned flexible tether that connects the hydro-kite-like kite and the energy conversion unit. The general dynamics of the novel ocean energy converter is basically described and modelled based on the dynamics of key components under both ocean wave and current conditions. The feasibility and effectiveness of the proposed ocean energy converter are evaluated through computational fluid simulations under both fully submerged ocean current and semi-submerged ocean wave conditions. The simulation results verify that the hydro-kite can be used to generate power from both ocean current and wave conditions and the design parameters of the hydro-kite such as the angle of attack, draft should be optimally controlled or designed to maximize the ocean energy generations under different ocean current speeds, wave periods and heights.