The heaving buoy wave energy device is popular for wave conditions with small wave heights and short periods. This paper presents the design of a wave energy converter composed of a gyro buoy, a hydraulic power take-off, and an electricity generation system. The energy accumulators are used to improve the output power with different control strategies. The quantity relations between each component are established using theoretical methods. The simulation model describes the energy conversion and calculates the operation time, energy capacity, and output power of the device under different initial pressures, release pressures, and electric resistances. As a result, the capacity is determined by the electronic load, and the maximum output power can be obtained when the accumulators are turned on and off at the same time. This study investigates the factors influencing the electric energy production and can be used to guide the optimization of this type of device.