AbstractUsing multiple approaches, the modulation of climate variability on global ocean waves from 1981 to 2020 is investigated based on a wave hindcast model forced by ERA5 winds. These climate variabilities include El Niño–Southern Oscillation (ENSO), Antarctic Oscillation (AAO), Arctic Oscillation (AO), Pacific Decadal Oscillation (PDO), Atlantic Multidecadal Oscillation (AMO), and Indian Ocean Dipole. Linear regression and composite analysis results indicate that El Niño‐induced low‐pressure systems in December–February (DJF) generate energetic waves in the Pacific Ocean. Positive AAO events are associated with the southward movement of westerlies in the Southern Hemisphere and thus produce long‐period Southern Ocean swell that impacts the South Pacific Ocean. In the Northern Hemisphere, positive AO is associated with strengthening winds which generate larger waves around the Icelandic region. An empirical orthogonal function approach was further undertaken to study interannual variability of significant wave height (H_s) anomalies. In DJF, mode 1 marks the impacts of ENSO and PDO in the Pacific Ocean and AO in the North Atlantic Ocean. Mode 2 is controlled by AO, which is characterized by a dipole pattern in the North Atlantic Ocean. Mode 3 describes the AAO footprints in the Southern Ocean and the eastern Pacific Ocean. In June–August, the leading mode is influenced by AAO and AMO. Mode 2 indicates the importance of ENSO and PDO which exhibit opposite patterns in the Pacific Ocean sector of the Southern Ocean. Finally, a wavelet coherence analysis is conducted on the principal components and climate indexes, which shows their respective evolutions over the time–frequency domain.