Ocean Wave energy is becoming a prominent technology, which is considered a vital renewable energy resource to achieve the Net-zero Emissions Plan by 2050. It is also projected to be commercialized widely and become a part of the industry that alters conventional energy technologies in the near future. However, wave energy technologies are not entirely yet developed and mature enough, so various criteria must be optimized to enter the energy market. In order to maximize the performance of wave energy converters (WECs) components, three challenges are mostly considered: Geometry, Power Take-off (PTO) parameters, and WECs’ layout. As each of such challenges plays a meaningful role in harnessing the maximum power output, this paper systematically reviews applied state-of-the-art optimization techniques, including standard, hybrid, cooperative, bi-level and combinatorial strategies. Due to the importance of fidelity and computational cost in numerical methods, we also discuss approaches to analyzing WECs interactions’ developments. Moreover, the benefits and drawbacks of the popular optimization methods applied to improve WEC parameters’ performance are summarized, briefly discussing their key characteristics. According to the scoping review, using a combination of bio-inspired algorithms and local search as a hybrid algorithm can outperform the other techniques in layout optimization in terms of convergence rate. A review of the geometry of WECs has emphasized the indispensability of optimizing and balancing design parameters with cost issues in multimodal and large-scale problems.