Unlike conventional cultivation systems, liquid mixing in floating photobioreactors (PBRs) is solely induced by their hydrodynamic movement in response to waves, and this movement is affected by the wave conditions (wave height and wave period), the PBR configuration and the culture depth. However, to the best of our knowledge, a practical study of the hydrodynamic movements of PBRs has not been previously conducted. This study aims to investigate the hydrodynamic performance of floating PBRs in response to wave conditions. First, the effects of the experimental wave height (2–10 cm) and wave period (0.8–1.8 s) on movement was investigated using two 1.0 m2 PBR models: a square PBR (1.0 m/1.0 m; length/width) and a rectangular PBR (1.7 m/0.6 m). The results indicated that wave movement became not only more intense with increasing wave height, but also less intense when the wave period decreased. However, the square PBR experienced more intense movement than the rectangular PBR, but also little mooring force. The effects of culture depth (0.5, 1.0 and 2.0 cm) were investigated and the results showed that the culture depth significantly affected the hydrodynamic movements of the PBRs; however, the mooring forces were unaffected. Finally, the movement and mooring-line forces of PBRs equipped with different mooring systems were investigated. The use of two different mooring systems had little effect on PBR movement; however, a mooring system with floaters was able to significantly reduce the mooring line forces compared to a system without floaters. During this study, the greatest force (10.5 N) was found for the rectangular PBR using a mooring system without floaters, whereas the lowest force (0.67 N) was observed for a rectangular PBR using a mooring system with floaters. These studies have provided basic data describing the fluid dynamics of floating PBRs; as well as their structural design and scale up. These results also provide guidance for the selection of ocean fields with suitable wave conditions; as well as a proper mooring methods to ensure safe operation.