Wave measurement is of vital importance for assessing the wave power resources and for developing wave energy devices, especially for the wave energy production and the survivability of the wave energy device. Wave buoys are one of the most popular measuring technologies developed and used for long-term wave measurements. In order to figure out whether the wave characteristics can be recorded by using the wave buoys accurately, an experimental study was carried out on the performance of three wave buoy models, viz two Wavescan buoys and one ODAS buoy, in a wave tank using the European FP7 MARINET facilities. This paper presents the test results in both time and frequency domains and the comparison between the wave buoys and wave gauge measurements. The analysis results reveal that for both regular and irregular waves, the Wavescan buoys have better performances than the ODAS buoy in terms of accuracy and the Wavescan buoys measurements have a very good correlation with those from the wave gauges.