The wave energy resources in the Indian Ocean can be considered as a potential alternative to fossil fuels. However, the wave energy resources are subject to short-term fluctuations and long-term changes due to climate change. Hence, considering sustainable development goals, it is necessary to assess both short-term (intra-annual) variation and long-term change. For this purpose, the simulated wave characteristics were utilized, and the wave power and its variation and change were analyzed in the whole domain and nearshore areas. The short-term fluctuation was investigated in terms of monthly and seasonal variations and the future change was discussed based on absolute and relative changes. Both analyses show that the Southern Indian Ocean, despite experiencing extreme events and having higher wave energy potential, is more stable in terms of both short and long-term variation and change. The assessment of the total and exploitable storages of wave energy and their future change revealed the higher potential and higher stability of the nearshores of the Southern Indian Ocean. It can be concluded that based on various factors, the south of Sri Lanka, Horn of Africa, southeast Africa, south of Madagascar and Reunion and Mauritius islands are the most suitable areas for wave energy extraction.