The nonlinear dynamic analysis of a multipoint slack moored buoy is performed under the action of first and second order wave forces. The nonlinearity of the system is caused by the geometric nonlinearity of the mooring lines. The resulting nonlinear equation of motion is solved by an incremental time marching scheme. The nonlinear responses of the system are analysed to investigate different kinds of dynamic instability phenomena that may arise due to the nonlinearity of the system. As an illustrative example, a hollow cylindrical buoy anchored to the sea bed by means of six slack mooring lines is considered. The responses of the system are obtained and analysed for three regular waves namely, 5 m/5 s, 12 m/10 s and 18 m/15 s. The results of the study show that different kinds of instability phenomena like nT subharmonic oscillations, symmetry breaking bifurcation and aperiodic responses may occur in slack mooring systems. Further, a second order wave force may considerably influence the dynamic stability of such systems.