Inspection and maintenance costs are a significant contributor to the cost of energy for wave energy converters. There are different operation and maintenance strategies for wave energy converters. Maintenance can be performed after failure (corrective) or before a breakdown (preventive) occurs. Furthermore, a helicopter and boats can be used to transport equipment and personnel to the device, or the whole device can be towed to a harbour for operation and maintenance actions. This article describes, among others, a risk-based inspection and maintenance planning approach where the overall repair costs including costs due to lost electricity production are minimized. The risk-based approach is compared with an approach where only boats are used and another approach where the target is to minimize the downtime of the device. This article presents a dynamic approach for total operation and maintenance costs estimations for wave energy converter applications including real weather data and damage accumulation. Furthermore, uncertainties related with costs, structural damage accumulation, inspection accuracy and different maintenance strategies can be included. This article contains a case study where different maintenance strategies are applied for the Wavestar device, and the influences of the different parameters, for example, failure rate, inspection quality and inspection interval, are evaluated for the overall costs and the number of repairs needed during its lifetime.