In this paper, we derive the analytical expression for the sensitivity of grating-based surface plasmon resonance (SPR) sensors working in wavelength interrogation. The theoretical analysis shows that the sensitivity increases with increasing wavelength and is saturated beyond a certain wavelength for Au and Ag gratings, while it is almost constant for Al gratings in the wavelength range of 500 to 1000 nm. More importantly, the grating period (P) and the diffraction order (m) dominate the value of sensitivity. Higher sensitivity is possible for SPR sensors with a larger grating period and lower diffraction order. At long wavelengths, a simple expression of P/|m| can be used to estimate the sensor sensitivity. Moreover, we perform experimental measurements of the sensitivity of an SPR sensor based on an Al grating to confirm the theoretical calculations.