Ocean energy conversion has been of interest for many years. Recent developments such as concern over global warming have renewed interest in the topic. This paper gives a systematic and comprehensive overview of wave energy converters (WEC) as opposed to ocean current energy converters. The point absorber and oscillating water column WEC devices are addressed with regards to commercial prospects, environmental concerns, current state-of-the art, and further research areas. Thereby, the paper seeks to enhance investigation of results obtained in other fields in the ocean wave energy conversion setting and to stimulate research on topics that have not been in the focus so far.