 Wave energy has the potential to provide a clean and renewable source of energy, however its high initial cost makes it difficult to compete with traditional sources such as coal or gas. In order to reduce this cost, researchers must examine the various components of the wave energy system, including the capital expense, operating expenses, and decommissioning costs. By analyzing these costs, researchers can determine the levelized cost of energy, LCOE, for wave energy systems. The LCOE is calculated by combining the capital expense, operating expense, and decommissioning cost with the annual energy production, discount factor, and projects lifespan. Researchers have found that the LCOE varies depending on the type of wave energy converter used, location, and discount rate. For example, the Wave Dragon LCOE platform has the lowest cost at 16.90 per megawatt hour, while the Palamis and Aqabui platforms have higher costs of 35.94 and 967.85 per megawatt hour respectively. Additionally, when testing different locations, the ranking of the LCOE remains consistent. Despite the variation in cost. This article was authored by Cheng Longhua, Wanan Shang, Daxunaji De Silva, and others.