The hydrofoil plays a crucial role in tidal current energy (TCE) devices, such as horizontal-axis turbines (HATs), vertical-axis turbines (VATs), and oscillating hydrofoils. This study delves into the numerical investigation of passive chordwise and spanwise deformations and the hydrodynamic performance of a deformable hydrofoil. Three-dimensional (3D) coupled fluid–structure interaction (FSI) simulations were conducted using the ANSYS Workbench platform, integrating computational fluid dynamics (CFD) and finite element analysis (FEA). The simulation involved a deformable hydrofoil undergoing pitching motion with varying elastic moduli. The study scrutinizes the impact of elastic modulus on hydrofoil deformation, pressure distribution, flow structure, and hydrodynamic performance. Coefficients of lift, drag, torque, as well as their hysteresis areas and intensities, were defined to assess the hydrodynamic performance. The analysis of the correlation between pressure distribution and deformation elucidates the FSI mechanism. Additionally, the study investigated the 3D effects based on the flow structure around the hydrofoil. Discrepancies in pressure distribution along the spanwise direction result from these 3D effects. Consequently, different chordwise deformations of cross-sections along the spanwise direction were observed, contributing to spanwise deformation. The pressure difference between upper and lower surfaces diminished with increasing deformation. Peak values and fluctuations of lift, drag, and torque decreased. This study provides insights for selecting an appropriate elastic modulus for hydrofoils used in TCE devices.