With the world׳s predicted wave-power capacity of 1–10 TW many projects are being implemented around the world and have brought in many useful insights and innovations during their implementation. This paper discusses the major projects, the world over, for the generation of electrical power from wave energy. The literature for these projects is reviewed extensively to describe the waves as potential sources of electrical energy: different challenges that these projects faced and how these challenges were tackled are also discussed. Methods for the wave-energy conversions for each of these projects will also be critically reviewed and the economic and environmental aspects are also explored. The paper aims to summarize the technologies, challenges and technical considerations for harnessing wave energy to set a path for future development. The experiences of the previous projects and the lessons learnt from them can be very helpful for the future development of similar projects: in this context the Perth Wave Energy Project is presented and discussed in detail.