As a recently developed flow field for the bipolar plate of a proton exchange membrane fuel cell, the wave flow channel has demonstrated several advantages in enhancing the gas supply within the channel. However, its unique shape poses challenges in effective drainage, as liquid water is prone to impinge on the side wall. In this study, to analyze water transmission performance of the wave channel, based on a coupled level set and volume of fluid method, a 3D two-phase water transport model of the wave channel was established, and the flow characteristics data of liquid water in the wave channel under different working conditions were calculated. The dynamic behavior of liquid water in the wave channel with initial forms of the liquid drop, liquid film, and liquid column were investigated, respectively. The results indicated that different initial forms of liquid water move through a wave channel all in the form of a membrane flow. When the initial form of liquid water resembles a liquid column, it exhibits the highest velocity of movement within a wave channel compared with the initial forms of liquid droplets and liquid film, assuming an equivalent volume. Further, the speed of liquid water movement increased with the volume of liquid water and the inlet gas velocity. Additionally, the contact angle of a gas diffusion layer surface exerts a substantial influence on water volume and slightly influences the move speed of liquid water.