This project aims to capture wave energy using compressed air energy storage technology. It consists of three specific steps: First, through literature review, a new type of wave-driven compressed air energy storage system is proposed and developed based on an oscillating float wave energy converter. A mathematic thermodynamic model is developed to evaluate the general performance of this system under Tasmania wave conditions. Then, the effect of key parameters such as the wave conditions, oscillating chamber dimensions, compressed chamber dimension, storage pressure, initial pressure and compression process on the system performance will be investigated. Third, the different wave conditions in Australia and China will be mapped and then the economics of the application of such device under these wave conditions will be studied. The system optimization will be conducted to provide guidance for researchers and engineers in the design and optimization of the proposed system. The outcome of this project is to provide the industry with a new technology of wave energy storage and capture. It might be able to be applied in the current offshore platform or barges. Furthermore, the research outcome will be published in international journals to promote the research in the Blue Economy CRC.