This paper presents an inerter-integrated wave energy converter (WEC) for vibration mitigation of offshore floating structures. The proposed WEC complies a floating buoy and an upper structure placed over the floating buoy connected by a spring and a ball screw with a rotational mass, which converts linear motion to rotational one, and the ball screw is connected to a rotating generator. As the two bodies move separately, the inertial force proportional to the relative acceleration of the two bodies called inerter is produced. This mechanism, similar to passive vibration reduction systems in automobiles and civil structures, not only produces electric power but also mitigates the vibration induced by the wave disturbances acting on the floating buoy. In this research, its analytical model was developed based on the two-degree-of-freedom dynamic model and the circuit equation of the generator. Numerical studies considering only the heave direction showed that the proposed WEC can achieve electric power generation and vibration mitigation of the upper structure at the same time. Moreover, to verify the efficacy experimentally, a small-scaled prototype was designed, and wave flume testing was conducted, which demonstrated a response reduction of more than 40% compared to the device without the proposed mechanism.