Wave-shaped structures inspired by cuttlefish fins have been applied to the design of flow fields for proton exchange membrane fuel cells (PEMFCs). However, the wave structures often cause high parasitic power. Herein, we intend to address this issue by introducing exchange channels (ECs) between neighboring wave channels. First, the performances of bio-inspired sinusoidally-waved flow fields (BSWFFs) of different sinusoidal parameters are compared to identify the optimal sinusoidal structure. Subsequently, ECs are introduced into BSWFFs with the optimal sinusoidal structure to obtain EC-BSWFFs, and EC-BSWFFs with different numbers of ECs are compared. The introduction of ECs improves the distribution of reactant gases, pressure distribution, water management and reduces parasitic power density. Specifically, the maximum net power density of the single-cell PEMFC with EC-12 is enhanced by 10.26% compared to that of the conventional parallel flow field. Moreover, as the number of ECs in EC-BSWFFs increases, the uniformity of pressure distribution gradually increases and the pressure drop becomes smaller, suggesting a balance between performance and durability. Therefore, this work affords valuable insights to solve the difficulties of excessive pressure drop and inhomogeneous reactant distribution for waved flow fields.