Direct-driven generation is considered one of the most reliable selections in wave energy conversion systems. Therefore, a direct-driven linear-rotary wave generator (LRWG), which can transfer the low-speed linear wave motion to the high-speed rotating motion of the rotor and then generate electrical power simultaneously, is proposed in this paper. The proposed LRWG comprises three parts: translator, common rotor, and stator. From the energy view, the proposed LRWG can be divided into two sections: the energy transmission section to increase the velocity of the wave and the energy conversion section to generate power. The initial design method is given to determine the main dimensions of the proposed LRWG. To meet the maximum power tracking control requirements, a multi-mode and multi-objective optimization method, which can consider both generator and motor mode, is proposed to improve the performance of the proposed LRWG by sensitivity analysis, response surface methodology, and non-dominated sorting genetic algorithm II method. Finally, a prototype and its experimental platform are developed based on one of the optimization schemes from the possible solutions to verify the proposed approach and the performance of the proposed LRWG.