Characterization of a permanent magnet linear generator (PMLG) for harvesting oceanic wave energy is presented in this paper. For the characterization, a PMLG has been designed which has a translator containing permanent magnet and vertically symmetric stator. Different high graded magnetic materials are applied to the PMLG to generate high amount of electrical power. As a part of characterization, load profile is analyzed to determine its peak generated power for each of the magnetic materials. Comparison of generated voltage, generated voltage, load current, output power, and magnetic flux linkage of the PMLG are presented in detail. Translator force and velocity are determined to calculate the efficiency of the PMLG. The analysis is performed with finite element method by using ANSYS/Maxwell software. Armature reaction, demagnetization, and core loss that occurs in the PMLG are considered for the analysis.