Low molecular weight polyethylene, a by-product of high density polyethylene process, was used to produce oxidized polyethylene waxes. The effects of some key parameters such as temperature and time for oxidation, air or oxygen flow rates into the reactor on the acid number, and component distribution have been investigated. The instruments used to analyze properties of oxidized polyethylene waxes were the GPC, DSC, NMR, FT-IR, and SEM. The results indicated that the acid number increased in value as the temperature was raised up to 150℃. The change in acid number was found to be properional to air flow rates. It was also discovered that during the oxidation process the molecular weights of the product decreased, but their distribution became broader at higher acid numbers.