Wave energy is continuous, nil-pollution and renewable. With continuous consumption of traditional natural energy resources and global warming in the world, it becomes increasingly important to make use of renewable wave energy. This study has applied a new wave analysis method zero crossing - energy balance to derive the vertical distribution of ocean wave energy flux and also theoretical formulas valid for both intermediate and deep water depths. It is found in this study that wave energy flux is uniformly distributed in shallow water, concentrates near the sea surface in deep water, and lies between the distributions in the shallow and deep waters. This study also found that the amount of ocean wave energy flux estimated presently is much less than that absorbed by wave power generation devices.