A state-of-the-art, third-generation, spectral wind wave model was implemented for the surrounding waters of Taiwan. The model was driven by 10-m winds above sea level from ERA-Interim reanalysis data. Medium-term (ten-year) hindcasts covering the period from 2007 to 2016 were conducted to assess the wave power resources in Taiwanese waters. The lowest monthly mean wave power density occurs in May and June, while the most energetic month is December. The sea area with the highest wave power density was observed near Lanyu. Four energetic areas located off the northern coast (H1), the southeastern coast (H2 and H3), and the southern coast (H4) of Taiwan serve as the appropriate sites (hotspots) for deploying wave energy converters. The annual mean wave power densities over ten years are approximately 8.72 kW/m, 10.97 kW/m, 13.72 kW/m, and 13.02 kW/m for H1, H2, H3, and H4, respectively. The annual total wave energy outputs were estimated to be 48.80 MWh/m, 76.59 MWh/m, 94.20 MWh/m, and 92.56 MWh/m at H1, H2, H3, and H4, respectively. The wave power is primarily driven by the northeast monsoon and the bulk of the wave energy appears to be generated by local wind waves in the surrounding waters of Taiwan.