This study provides an overview of the surface gravity wave dynamics in the Gulf of Mexico (GoM) using numerical simulations. The focus is on the effects of ocean currents on waves, and the geographic distribution of wave statistics and parameters related to the role of waves on both sides of the ocean‐atmosphere interface. Simulations are performed using the Simulating WAves Nearshore (SWAN) model with and without coupling with the Regional Ocean Modeling System (ROMS) model within the Coupled Ocean Atmosphere Wave Sediment Transport (COAWST) framework. In the GoM, currents alter the climatological significant wave heights by up to 0.18 m (±15%), reducing wave heights in the southwestern GoM and generally increasing wave heights in other regions. In two instantaneous snapshots representing the Loop Current variability in terms of its northward extension into the GoM, significant wave heights are modulated by as much as 0.30 m (±35%) by the currents. Probability density of wave height modulation covers a wider range of values and is skewed toward positive values over the eastern flank of the Loop Current. In winter, spring, and fall, swell fraction of wave energy increases from east to west in the GoM and reaches as high as 0.8 in the southwestern GoM, off the coast of Mexico. The dominance of swell in this region combined with weak wind results in a higher prevalence of the wave‐driven wind regime throughout the year. The interannual variability of significant wave height and swell fraction shows signals of major storms in the GoM.