Additive manufacturing (AM) enables design freedom to fabricate functionally graded wave springs designed by varying design parameters, which are not possible in traditional manufacturing. AM also enables optimization of the wave spring design for specific load-bearing requirements. Existing wave springs are manufactured by metal with constant dimensions (width and thickness of the strip, diameter) using customized traditional machines in which design variations are almost impossible. This study aims to investigate the effect of wave height, the overlap between the two consecutive coils, and the number of waves per coil on the mechanical properties, for example, load-bearing capacity, stiffness, and energy absorption of contact wave springs. Two designs, that is, rectangular and variable thickness wave springs, were chosen and the design of experiment was devised using Minitab software, resulting in 24 samples. HP MultiJet Fusion (MJF) printer was used to manufacture the samples for performing uniaxial compression tests up to 10 cycles and 90% of the compressible distance to study the variation in mechanical properties due to changes in parameters. Experimental and simulation results showed that variable thickness wave springs have better load bearing, stiffness, and energy absorption compared with the rectangular counterparts. In addition to that, the number of waves per coil and the overlap are directly proportional to the load-bearing capacity as well as stiffness of the wave springs, while the constant wave height is responsible for more uniformly distributed stresses throughout the coils. Load-bearing capacity was increased by 62%, stiffness by 37%, and energy absorption by 20% once the number of waves per coil is increased from 5 to 6 in rectangular wave springs. Overall, the parametric variations significantly affect the performance of wave springs; thus, designers can choose the optimized values of investigated parameters to design customized wave springs for specific applications as per load/stiffness requirements.