The invention discloses a wave compensation device for widening the floating derrick application range. The wave compensation device is installed between a floating derrick and a hull deck, the floating derrick on the hull surface works under different sea conditions and often shakes when being affected by stormy waves, sea construction efficiency is influenced, motions, affected by the stormy waves on the sea surface, of a ship can be decomposed into six kinds of transverse rolling, longitudinal rolling, yawing, transverse oscillation, vertical oscillation and longitudinal oscillation, yawing, transverse oscillation and longitudinal oscillation can be compensated through the anchoring technology and a space dynamic positioning system, and there is no good compensation method for transverse rolling, longitudinal rolling and the vertical oscillation. The wave compensation device can effectively solve the problem of swinging of the floating derrick caused by transverse rolling, longitudinal rolling and vertical oscillation, the wave compensation device is installed in the center position of the surface of a hull, and it is ensured that the ship hoists weight with balance stress. Thewave compensation device can ensure that the floating derrick can work smoothly under severe sea conditions, improves operation efficiency of offshore engineering, and has the beneficial effects of being high in compensation precision, high in controllability, integrated in function and the like.