Floating structures are subject to complex marine conditions. To ensure their safety, reliability analysis needs to be conducted during the design phase. However, because of the complexity of traditional full long-term analysis, the environmental contour method (ECM) based on the inverse reliability method, which can combine accuracy and efficiency, is extensively used. Due to the unique environment in the South China Sea, the probabilistic characteristics of three-dimensional (3D) environmental parameters of wind, wave and current are investigated. The ECs of the target sea are established via the ECM based on both the inverse first-order reliability method (IFORM) and inverse second-order reliability method (ISORM). It is found that the sea state forecasted by ISORM is more extreme and may lead to a more conservative design than IFORM. Furthermore, the wind–wave–current combination coefficient matrixes developed using the 3D ECs are proposed for the design of FOWTs in the South China Sea. The validity and practicality of the contours and matrixes are tested by using a floating offshore wind turbine (FOWT) as a numerical example. Then, the short-term response of the structure under the combined wind, wave and current conditions is calculated, providing a theoretical reference for the design of FOWTs.