According to the survey, a quarter of respondents reported "having been dismissed" from a job because of their sexuality.
Derek Walker, of Stonewall Cymru, told BBC Radio Wales: "Lesbian and gay people are notoriously difficult to survey because of the discrimination found by those who come out, so we were pleased with the 364 who responded to the survey.
"We went to the Cardiff Mardi Gras in 2002, we went to community groups across Wales and we surveyed people in our annual conference - so those people are already out in the community.
Homophobic bullying
"People are finding it difficult to be out in today's Wales - we are finding it difficult to hear from them but the findings are still important.
"We think they flag up important issues to do with community safety, discrimination in the workplace and the situation in schools."
The survey found examples of homophobic bullying in schools and the workplace.
One anonymous quote said: "At school and college other students threw stones and spat at me and some other girls who were lesbians."
Another respondent said: "I currently live in my parents' home town.
"We've experienced constant and extreme abuse. Eggs, mud and water balloons thrown at the house, names and obscene comments being shouted at us in the street."
Stonewall Cymru said a homophobic hate crime officer could provide support and advice to police forces and local community safety partnerships.
Mr Walker added: "In the job I do, I hear these stories every day of the week and it's very depressing that it still goes on.
"But on the positive side I think things are getting better.