In this study, we investigated the hydrodynamic and energy conversion performance of a double-float wave energy converter (WEC) based on the linear theory of water waves. The generator power take-off (PTO) system is modeled as a combination of a linear viscous damping and a linear spring. Using the frequency domain method, the optimal damping coefficient of the generator PTO system is derived to achieve the optimal conversion efficiency (capture width ratio). Based on the potential flow theory and the higher-order boundary element method (HOBEM), we constructed a three-dimensional model of double-float WEC to study its hydrodynamic performance and response in the time domain. Only the heave motion of the two-body system is considered and a virtual function is introduced to decouple the motions of the floats. The energy conversion character of the double-float WEC is also evaluated. The investigation is carried out over a wide range of incident wave frequency. By analyzing the effects of the incident wave frequency, we derive the PTO’s damping coefficient for the double-float WEC’s capture width ratio and the relationships between the capture width ratio and the natural frequencies of the lower and upper floats. In addition, it is capable to modify the natural frequencies of the two floats by changing the stiffness coefficients of the PTO and mooring systems. We found that the natural frequencies of the device can directly influence the peak frequency of the capture width, which may provide an important reference for the design of WECs.