In this paper, a permanent magnet (PM) linear memory machine is proposed for ocean wave power generation. A notable feature of this machine is its online tunable mnemonic flux. This enables it to operate efficiently in a wide speed range and makes it suitable for the variable-speed wave-power generation. Moreover, this machine has both the PMs and the windings arranged in its stator so that it does not need slip rings or brushes. The proposed machine is also robust and cost-effective because it has a simple translator of slotted steel. In this paper, the configuration and working principle of the linear memory machine are firstly introduced. The results of a parametric analysis are presented to investigate the effects of the proposed machine’s geometric parameters. The performance of the proposed machine is then analyzed using time-stepping finite element method (TS-FEM).