A wave energy assessment is performed in the Canary Islands, based on a 33-year hindcast, between 1979 and 2011. The third-generation wave models WAVEWATCH III and SWAN are used to study the generation of the waves in the North Atlantic basin and the transformation of the waves in the Canary Islands, respectively. The hindcast system was validated in a prior study, showing a relevant wave energy resource distribution with an average annual energy availability of 25–30 kW/m. This study intends to offer a detail description of the wave climate, combining the previous results with the new studies. The results show that the seasonal mean distribution of wave energy varies between 15 and 20 kW/m, in the spring and 25–30 kW/m, in the winter, while in the less energetic areas the seasonal average varies between 10 and 15 kW/m, in the spring, and 15–20 kW/m, in the winter. Also, the temporal variability indexes suggest that the East coast of the islands presents less variability and that the North/Northwest coast of the islands exhibits greater energy availability.