We propose a method to establish a dynamic model for a wave glider, a wave-propelled sea surface vehicle that can make use of wave energy to obtain thrust. The vehicle, composed of a surface float and a submerged glider in sea water, is regarded as a two-particle system. Kane’s equations are used to establish the dynamic model. To verify the model, the design of a testing prototype is proposed and pool trials are conducted. The speeds of the vehicle under different sea conditions can be computed using the model, which is verified by pool trials. The optimal structure parameters useful for vehicle designs can also be obtained from the model. We illustrate how to build an analytical dynamics model for the wave glider, which is a crucial basis for the vehicle’s motion control. The dynamics model also provides foundations for an off-line simulation of vehicle performance and the optimization of its mechanical designs.