Abstract: Fluid wax content of multiple wells in the Dabei condensate gas field has significant variation and the impact of different wax contents on the phase behavior characteristics of formation fluids in condensate gas reservoirs is not clear. To this end, we have established the method for preparing formation fluid samples of condensate gas reservoirs with varying wax contents, prepared formation fluids with different wax contents, and carried out the experiments to investigate the impact of different wax contents on the phase behavior characteristics of formation fluids in condensate gas reservoirs. The experimental results show that as the wax content increases, the content of heavy components in the flashed oil and formation fluid increases, leading to higher density of the condensate oil, while the component of flashed gas has relative minor changes. The dew point pressure of the formation fluids in condensate gas reservoirs increases with higher wax content, rising by 0.264 2 MPa for every 1% increase in wax content. Additionally, as the wax content increases, retrograde condensation of heavy hydrocarbon components in condensate gas and the loss of retrograde condensate oil will increase, leading to higher retrograde condensed liquid saturation of formation fluids in condensate gas reservoirs and lower condensate oil recovery efficiency. These findings provide guidance for the development of condensate gas reservoirs with high wax content, the refinement of wax deposition prediction models, and the optimization of wax removal and prevention technology.