Hydraulic power take-off (PTO) is increasingly favored as energy regulation and transmission system in wave energy converters (WEC), significantly smoothing the inherent randomness and fluctuation of wave energy. This paper designed a novel hydraulic PTO system composition of a double-acting hydraulic cylinder pump and accumulators. The dynamic process sub-division principle in an operating period of the hydraulic cylinder pump and accumulator and the mathematical model for explaining the fluctuations of pressure and flow rate in the hydraulic pump and accumulator circuit by means of the sub-division principle are put forward. The MATLAB/Simulink simulation model used to analyze pressure fluctuation in the hydraulic PTO system is established based on the mathematical model. The numerical results and MATLAB simulation results are mutually verified about the fine analysis of the accumulator smoothing fluctuation in the hydraulic PTO system. The results show that the pressure fluctuation amplitude of a hydraulic circuit is negatively correlated with the accumulator pre-charge pressure and the accumulator volume, and is positively correlated with the operating period of a hydraulic pump. The energy transfer efficiency of the hydraulic PTO system with accumulator fine compensation can be above 90%. The theory and model in this paper will serve as a valuable reference for designing fluctuation compensation parameters in hydraulic systems.