This paper focuses on simulating turbulent flow over propagating waves by solving the full Navier–Stokes equations in a moving frame. A careful comparison of flow statistics with previous experimental and numerical results demonstrates, to some extent, the rationality of simplifying wind waves as turbulent flow over moving wave boundaries. The phase-averaging method is then applied to investigate the momentum and energy transfers between turbulent wind and waves propagating at slow, intermediate and fast speeds. The results suggest that the dominant mechanism for producing Reynolds shear stress (RSS) and turbulent kinetic energy (TKE) is related to the wave age. Slow waves produce RSS and TKE similar to a two-dimensional shear turbulence. However, a fast wave enhances the streamwise Reynolds normal stress, the windward side's negative RSS and the gradient of both streamwise and vertical velocities, leading to additional RSS and TKE productions that can be ignored under the slow wave regimes. A strengthening wave–turbulence exchange is also found for fast waves. The intermediate wave can be regarded as a transitional condition determining this change.