In recent decades, wave power (WP) energy from the ocean is one of the cleanest renewable energy sources associated with oceanic warming. In Indo-Pacific Ocean, the WP is significantly influenced by natural climate variabilities, such as El Niño Southern Oscillation (ENSO), Indian Ocean Dipole (IOD) and Pacific Decadal Oscillation (PDO). In this study, the impact of major climate variability modes on seasonal extreme WP is examined over the period 1979–2019 using ERA5 reanalysis data and the non-stationary generalized extreme value analysis is applied to estimate the climatic extremes. Independent ENSO influence after removing the IOD trends (ENSO|IOD) on WP are evident over the eastern and central Pacific during December–February (DJF) and March–May (MAM), respectively, which subsequently shifts towards the western Pacific in June–August (JJA) and September–November (SON). The ENSO|PDO impact on WP exhibits similar yet weaker intensity year round compared to ENSO. Extreme WP responses due to the IOD|ENSO include widespread decreases over the tropical and eastern Indian Ocean (IO), with localized increases only over the South China and Philippine (SCP) seas and Bay of Bengal (BOB) during JJA, and the Arabian Sea during SON. Lastly, for the PDO|ENSO, the significant increases in WP are mostly confined to the Pacific, and most prominent in the North Pacific. Composite analysis of different phase combinations of PDO (IOD) with El Niño (La Niña) reveals stronger (weaker) influences year-round. The response patterns in significant wave height (SWH), peak wave period (PWP), sea surface temperatures (SST), and sea level pressure (SLP) helps to explain the seasonal variations in WP.