In this study, we consider first- and second-order random wave loads and the effects of time-varying displacement volume and transient wave elevation to establish motion equations of the Spar platform’s coupled heave-pitch. We generated random wave loads based on frequency-domain wave load transfer functions and the Joint North Sea Wave Project (JONSWAP) wave spectrum, designed program codes to solve the motion equations, and then simulated the coupled heave-pitch motion responses of the platform in the time domain. We then calculated and compared the motion responses in different sea conditions and separately investigated the effects of second-order random wave loads and transient wave elevation. The results show that the coupled heave-pitch motion responses of the platform are primarily dominated by wave height and the characteristic wave period, the latter of which has a greater impact. Second-order mean wave loads mainly affect the average heave value. The platform’s pitch increases after the second-order low frequency wave loads are taken into account. The platform’s heave is underestimated if the transient wave elevation term in the motion equations is neglected.