First create a plane, then use the Ocean Modifier on this plane, adjust the water height, wave strength, direction and density in the ocean modifier interface
Create the water material, I mainly use the Glass and Transparent nodes, connect the glass and transparent nodes to the blend node, then add a Fresnel node to the blend node to enhance the refraction effect, and then add a ColorPamp node to the fresnel node to enhance its effect. This way the basic water surface material is created. Then use the Glossy, Bump and Noise Texture nodes to further enhance the water surface effect and finally connect to the blend node.
Next I wanted to create the effect of an object floating on the water, first I added a life ring model and then created a plane and subdivided it
Add a Shrinkwrap modifier to the plane, then select the target as the water surface, so that the plane will be attached to the water surface
Then move the life ring to the plane and add copy position and copy rotation to it in the Object Constraint Properties panel, and select the target as the plane, so that when the plane moves and rotates with the waves, the life ring will also move and rotate with the waves, and press H to hide the plane. Add a sequence of frames to it and move it, so that it floats away with the waves in the animation. Then use the same method to make three strips of wood floating on the water surface