Coastal communities are threatened by sea-level changes operating at various spatial scales; global to regional variations are associated with glacier and ice sheet loss and ocean thermal expansion, while smaller coastal-scale variations are also related to atmospheric surges, tides and waves. Here, using 23 years (1993–2015) of global coastal sea-level observations, we examine the contribution of these latter processes to long-term sea-level rise, which, to date, have been relatively less explored. It is found that wave contributions can strongly dampen or enhance the effects of thermal expansion and land ice loss on coastal water-level changes at interannual-to-multidecadal timescales. Along the US West Coast, for example, negative wave-induced trends dominate, leading to negative net water-level trends. Accurate estimates of past, present and future coastal sea-level rise therefore need to consider low-frequency contributions of wave set-up and swash.