Today, the whole world faces a great challenge to overcome the environmental problems related to global energy production. Most of the islands throughout the world depend on fossil fuel importation with respect to energy production. Recent development and research on green energy sources can assure sustainable power supply for the islands. But unpredictable nature and high dependency on weather conditions are the main limitations of renewable energy sources. To overcome this drawback, different renewable sources and converters need to be integrated with each other. This paper proposes a standalone hybrid photovoltaic- (PV-) wave energy conversion system with energy storage. In the proposed hybrid system, control of the bidirectional buck-boost DC-DC converter (BBDC) is used to maintain the constant dc-link voltage. It also accumulates the excess hybrid power in the battery bank and supplies this power to the system load during the shortage of hybrid power. A three-phase complex vector control scheme voltage source inverter (VSI) is used to control the load side voltage in terms of the frequency and voltage amplitude. Based on the simulation results obtained from Matlab/Simulink, it has been found that the overall hybrid framework is capable of working under the variable weather and load conditions.