In winter, Waimea and other North Shore locations such as Pipeline and Sunset Beach host a number of surfing contests because of the large waves found here. These waves are created by winter storms in the North Pacific, and their arrival on O‘ahu's North Shore are typically forecast accurately several days in advance. In summer, Waimea typically has clear and calm water.

The surf break at Waimea Bay was significant in the development of Big wave surfing. Larger surf at the bay went unridden for years until November 7, 1957 when a handful of surfers finally paddled out and rode the giant waves that break off the northern point of the bay. While the surf only breaks big several times a year, Waimea was the most prestigious big wave surf break in the world for decades. With the advent of tow-in surfing, more and more big wave breaks have been discovered that are far superior in quality than Waimea. However, the bay still holds a significant place even in today's world of big wave surfing.

In Summer, Waimea Bay is a playground of fun for freedivers, S.C.U.B.A. divers, and those who desire to jump off "da Big Rock" or "Jump Rock" - a rock that is perfectly positioned in the bay (for use at your own risk!). You can also find rock climbers practicing their skills on the cliff and in the dry cave on the beach. The Bay- as well as Three Tables, Pupukea, & Shark's Cove- are protected waters. The diversity of life in these waters is astounding.

There are other locations named Waimea in the Hawaiian islands. Waimea, Kauai & Waimea, Hawaii (Big Island)

Waimea Bay is one of the filming locations used for the television series Lost, which is an American drama-adventure television series surrounding the survivors of a plane crash on a mysterious tropical island. (The location of the downed plane - not there anymore - is Mokuleia at the end of Dillingham airstrip almost to road's end at Ka Ena Point.