The dynamic behaviour of thin conical shells can be analysed using a number of numerical methods. Although the overall vibration response of shells has been thoroughly studied using such methods, their physical insight is limited. The purpose of this paper is to interpret some of these numerical results in terms of waves, using the wave finite element, WFE, method. The forced response of a thin conical shell at different frequencies is first calculated using the dynamic stiffness matrix method. Then, a wave finite element analysis is used to calculate the wave properties of the shell, in terms of wave type and wavenumber, as a function of position along it. By decomposing the overall results from the dynamic stiffness matrix analysis, the responses of the shell can then be interpreted in terms of wave propagation. A simplified theoretical analysis of the waves in the thin conical shell is also presented in terms of the spatially-varying ring frequency, which provides a straightforward interpretation of the wave approach. The WFE method provides a way to study the types of wave that travel in thin conical shell structures and to decompose the response of the numerical models into the components due to each of these waves. In this way the insight provided by the wave approach allows us to analyse the significance of different waves in the overall response and study how they interact, in particular illustrating the conversion of one wave type into another along the length of the conical shell.