The modification of paraffin wax by way of physical concoction and chemical oxidization was discussed. All the indexes of the modified paraffin wax were close to those of natural bees wax. The best catalyst was chosen and optimum operational conditions and the thermal effects of the reaction were determined on the laboratory measure. The use of phase transfer solvent and strong oxidant significantly enhanced the acid number and saponification number of the product and shortened the reaction period, thus laying the foundation for reactor design and continuous industrial production.