In order to investigate the effects of the top-end dynamic boundary of risers caused by floater motions on their vortex-induced vibration (VIV) characteristics, a combined model comprising a buoyancy can with a relatively simple structural form and a riser is taken as the research object in the present study. The aspect ratios of the buoyancy can and the riser model are 5.37 and 250, respectively. A set of experimental devices is designed to support the VIV test of the riser with a dynamic boundary stimulating the vortex-induced motion (VIM) of the buoyancy can under different uniform flow and regular wave conditions. Several data processing methods are applied in the model test, i.e., mode superposition, Euler angle conversion, band pass filter, fast Fourier transform, and wavelet transform. Based on the testing results, the effect of low-frequency VIM on the high-frequency VIV of the riser is discussed in relation to a single current, a single wave, and a combined wave and current. It is found that the coupling effect of VIM on the riser VIV presents certain orthogonal features at low current velocities. The effect of the cross-flow VIM component on VIV is far more prominent than that of its counterpart, the in-line VIM, with increasing flow velocity. The VIM in the combined wave–current condition significantly enhances the modulation of vibration amplitude and frequency, resulting in larger fluctuation peaks of vibration response and further increasing the risk of VIV fatigue.