Wave energy resources assessment is a very important process before the exploitation and utilization of the wave energy. At present, the existing wave energy assessment is focused on theoretical wave energy conditions for interesting areas. While the evaluation for exploitable wave energy conditions is scarcely ever performed. Generally speaking, the wave energy are non-exploitable under a high sea state and a lower sea state which must be ignored when assessing wave energy. Aiming at this situation, a case study of the East China Sea and the South China Sea is performed. First, a division basis between the theoretical wave energy and the exploitable wave energy is studied. Next, based on recent 20 a ERA-Interim wave field data, some indexes including the spatial and temporal distribution of wave power density, a wave energy exploitable ratio, a wave energy level, a wave energy stability, a total wave energy density, the seasonal variation of the total wave energy and a high sea condition frequency are calculated. And then the theoretical wave energy and the exploitable wave energy are compared each other; the distributions of the exploitable wave energy are assessed and a regional division for exploitable wave energy resources is carried out; the influence of the high sea state is evaluated. The results show that considering collapsing force of the high sea state and the utilization efficiency for wave energy, it is determined that the energy by wave with a significant wave height being not less 1 m or not greater than 4 m is the exploitable wave energy. Compared with the theoretical wave energy, the average wave power density, energy level, total wave energy density and total wave energy of the exploitable wave energy decrease obviously and the stability enhances somewhat. Pronounced differences between the theoretical wave energy and the exploitable wave energy are present. In the East China Sea and the South China Sea, the areas of an abundant and stable exploitable wave energy are primarily located in the north-central part of the South China Sea, the Luzon Strait, east of Taiwan, China and north of Ryukyu Islands; annual average exploitable wave power density values in these areas are approximately 10–15 kW/m; the exploitable coefficient of variation (COV) and seasonal variation (SV) values in these areas are less than 1.2 and 1, respectively. Some coastal areas of the Beibu Gulf, the Changjiang Estuary, the Hangzhou Bay and the Zhujiang Estuary are the poor areas of the wave energy. The areas of the high wave energy exploitable ratio is primarily in nearshore waters. The influence of the high sea state for the wave energy in nearshore waters is less than that in offshore waters. In the areas of the abundant wave energy, the influence of the high sea state for the wave energy is prominent and the utilization of wave energy is relatively difficult. The developed evaluation method may give some references for an exploitable wave energy assessment and is valuable for practical applications.