A seaworthy ship must have the ability to endure the constantly changing and sometimes harsh environments of the ocean. Stable operation of a ship is important not only to prevent capsizing, but also to maintain an acceptable level of comfort for the crew. When navigating through waves, a ship experiences greater resistance, which adversely affects its speed and stability. Hence, one of the most important goals of research and development in naval architecture is to stabilize a ship’s movement in waves. Insects, birds, and fish use wings and fins to maintain stability and to generate thrust. Drawing from these examples in nature, researchers have investigated the employment of wings to transform wave energy into propulsion and to improve a ship’s stability. Research has shown that bow wings can generate thrust while simultaneously enhancing ship stability. In this paper, we review various strategies for improved bow wing technologies. Both theoretical and experimental efforts are reviewed. The effects of wing shape, size, position, and stiffness on the characteristics of thrust and resistance are detailed. Various control and energy conversion strategies are discussed. Perspectives for further research and development are also presented.