Heave plates can be employed to control undesirable heave motion amplitudes of the deepwater octagonal Floating, Drilling, Production, Storage, and Offloading (FDPSO) platform. Numerical simulations and model tests were applied to analyze and investigate the hydrodynamic response and the feasibility of the heave plate configurations. The diameter and the depth below the free surface of a single-layer heave plate, as well as the spacing of two-layer heave plates, were considered as the primary variables when studying the effect of heave plates on FDPSO hydrodynamics. The analysis results indicate that the heave plate diameter significantly affects the heave hydrodynamics, and heave performance could be improved with an increased diameter. In addition, increasing the depth below the free surface of a single-layer heave plate does not effectively suppress the heave motion within the range of draft depths tested. The target FDPSO obtained better heave characteristics with increased spacing between the two-layer heave plates. Furthermore, the global performances of the octagonal FDPSO with these typical heave plate configurations were comparatively analyzed. The results indicate that from a hydrodynamic point of view, the single-layer heave plate configuration has an advantage over the two-layer heave plate configuration.