A 50 kW class rotating body type wave energy converter consisted of two floating bodies and a PTO (Power Takeoff) unit is studied. As an wave energy extractor, the body is designed to have a VLCO (Variable Liquid-Column Oscillator) having a liquid filled U-tube with air chambers. Owing to the oscillation of the liquid in the U-tube caused by the air spring effect of the air chambers, the amplitude of response of the VLCO becomes significantly amplified for a target wave period. The PTO converts the rotational moment introduced from the relative motion of the hinged bodies to an hydraulic power by means of a cylinder. A high pressure accumulator, hydraulic motor and a generator are equipped in the PTO to convert the hydraulic power to electric power. A control law for adjusting the oscillation period of the VLCO is proposed for the efficient operation of the VLCO with various wave conditions. It is found that the effect of the air spring has an important role to play in making the oscillation of the VLCO match with the ocean wave. In this way, the wave energy converter equipped with the VLCO provides the most effective mode for extracting energy from the ocean wave.