A method and device for generating electricity from ocean waves. The device includes at least one magnetostrictive element and one or more electrically conductive coils or circuits. When the magnetostrictive element is deployed in a body of water, the motion of the body of water, including wave motion, causes changes in the strain of the magnetostrictive element. The electrically conductive coil or circuit is within the vicinity of the magnetostrictive element. A corresponding change in magnetic field around the magnetostrictive element generates an electric voltage and/or electric current in the electrically conductive coil or circuit.