Prior to 1993 he played for the Nasinu Rugby Club in the Suva Club Rugby Competition, and represented Suva on numerous occasions. In 1993 Serevi signed for the Mitsubishi team from Kyoto, Japan. His initial salary was A$70,000 a year before this increased to A$90,000 a year. While with Mitsubishi in 1994, Serevi was approached by Australian Rugby League clubs the Canberra Raiders, and later the Brisbane Crushers to play for them. After being set to join the Crushers, Serevi decided to stay with Mitsubishi due to a pay rise, and pressure from Fiji's Methodist Church to continue playing rugby union.
At the 1993 Hong Kong Sevens, Serevi scored three tries to help Fiji to a 17–14 win over Australia in the semi-final, but was unable to prevent his team being defeated 14–12 in the final by Samoa. Fiji's next major tournament was the inaugural 1993 Rugby Sevens World Cup held in Edinburgh, Scotland. Serevi said that the team was working "sometimes nine hours a day" in preparation for the Sevens World Cup. Fiji were defeated by eventual champions England 21–7 in their semi-final. Serevi was the equal top point scorer for the tournament.
Serevi married his wife, Karalaini, in 1993. They have three children; daughters Unaisi Serevi (born 1994) and Asinate Serevi (Naruma) (born 1995), and son Waisale Serevi Junior (born 2000). His wife previously worked for the Fijian Defence Forces but retired in 1998 to fully devote herself to her family and her husband's rugby career. Serevi spent large parts of his career away from his family. He was apart from them when in Japan between 1992 and 1997, although his family joined him in France between 1999 and 2004. He is a committed Christian, and along with his family attends Church regularly. On his boots, strapping, and jersey for every match Serevi has the words "Philippians 4:13" written. It is a reference to the biblical quote "I can do all things through Christ who strengthens me".