Abstract: Due to the significant variation in wax content among formation fluids from multiple wells in the Dabei condensate gas reservoir, the impact of different wax contents on phase behavior is unclear. In this study, we established a method for preparing formation fluid samples with varying wax contents, and prepared formation fluids with different wax contents to investigate their impact on phase behavior. The experimental results show that as the wax content increases, the proportion of heavy components in the stock tank oil and formation fluid increases, the density of the condensate oil increases, and the gas composition after flashing formation fluid changes minimally. The dew point pressure of the condensate gas increases with the wax content, rising by 0.2642 MPa for every 1% increase in wax content. Additionally, retrograde condensation of heavy hydrocarbons in condensate gas and the loss of retrograde condensate oil increase with higher wax content, leading to higher retrograde liquid saturation and reduced recovery of condensate oil. The findings provide support for the development of high-wax condensate gas reservoirs, the refinement of wax deposition prediction models, and the optimization of wax inhibition and removal processes.