What is Paraffin Wax? Before Soy and Coconut, there was Paraffin. Paraffin wax (also known as mineral wax) is still popular with many high street candle brands because it holds color and scent very well, and being a by-product of the oil industry means it’s easily available. Green-minded people often label paraffin wax as bad because it’s made from the leftovers of the crude oil refinement process. This doesn’t automatically make it toxic, and there’s always the upside that the parts of the oil that would otherwise be discarded are getting used. Benefits of Mineral Wax Candles Mineral wax holds a lot of scent, so if you prefer your candle to pack a scent punch it might be a good option.