This paper introduces a new point-absorber wave energy converter (WEC) with a moonpool buoy—the moonpool platform wave energy converter (MPWEC). The MPWEC structure includes a cylinder buoy and a moonpool buoy and a Power Take-off (PTO) system, where the relative movement between the cylindrical buoy and the moonpool buoy is exploited by the PTO system to generate energy. A 1:10 scale model was physically tested to validate the numerical model and further prove the feasibility of the proposed system. The motion responses of and the power absorbed by the MPWEC studied in the wave tank experiments were also numerically analyzed, with a potential approach in the frequency domain, and a computational fluid dynamics (CFD) code in the time domain. The good agreement between the experimental and the numerical results showed that the present numerical model is accurate enough, and therefore considering only the heave degree of freedom is acceptable to estimate the motion responses and power absorption. The study shows that the MPWEC optimum power extractions is realized over a range of wave frequencies between 1.7 and 2.5 rad/s.