The invention discloses a floating power generation system utilizing ocean wave energy, and relates to the technical field of wave power generation. The floating power generation system comprises a floating air bag, a core control box is installed at the bottom end of the floating air bag, connecting rods are installed on the four sides of the core control box, power generation boxes are installed at the ends, away from the core control box, of the four connecting rods, and a first power generation mechanism is installed on the inner side of each power generation box. The first power generation mechanisms and second power generation mechanisms are arranged, when waves are huge, the upward moving force of a floating mechanism on a first rack is large enough, the vertical moving fall of the first rack is large, the first rack moves to enable a first gear to rotate to enable the first power generation mechanisms to generate power, and meanwhile, a control plate at the bottom end of the first rack moves upwards, an idle stroke ring moves upwards, and at the moment, the second power generation mechanisms also generate power, so that the energy utilization rate of the huge waves is increased.