This study aims to evaluate the wave energy potential and its spatial and temporal variations in the southern Caspian Sea. For this purpose, SWAN model was used to hindcast wave characteristics for 11 years. The wave energy assessment was conducted in four nearshore stations in order to assess the feasibility of wave energy harvesting and locate the most appropriate station. Assessment of seasonal and monthly variations of the mean and maximum wave powers showed that the central station contains the highest values, especially in November; while the north-eastern station has the lowest values with the highest variation of directional distribution of the wave power. Moreover, the seasonal and monthly variability indices indicate a relatively stable wave condition in all stations. The total and exploitable storages of wave energy were also higher in the central station. Therefore, it was concluded that the central station is the most appropriate location for wave energy harvesting. Furthermore, the inter-annual variations of the mean wave power illustrate no significant long-term change in wave power in the southern Caspian Sea. Therefore, considering the relatively stable condition and comparable exploitable storage of wave energy, this area can be a suitable location for developers.