In this study, the supercavitating flow of a high-velocity moving body near air-water surface is calculated and analyzed based on a commercial CFD software ANSYS Fluent. The effect of regular wave parameters including both wave height and wavelength on the cavitating flow and force characteristics of a body at different velocities is investigated. It is found that the cavity shape, lift coefficient and drag coefficient of the body vary periodically with wave fluctuation, and the variation period is basically consistent with wave period. When the wavelength is much greater than the cavity length, the effect of wave on supercavitation is the alternating effect of axial compression and radial compression. However, when the wavelength varies around the cavity length, the cavity often crosses two adjacent troughs and is compressed periodically by the two wave troughs. With the variation of wavelength, the average area of cavity shows a different trend with the change of wave height.