The precipitation of wax crystals in water-in-crude-oil emulsion impairs the safety and economy of multiphase transportation in oil fields. At present, there are different opinions on the precipitation modes of paraffin wax. Existing studies mostly use microscopic observation to determine whether wax crystals are adsorbed at the oil-water interface. In this study, the precipitation modes of paraffin wax in water-in-model-oil emulsions were comprehensively investigated by combining calorimetry, drop shape analysis, and rheology. It was found by differential scanning calorimetry that the presence of water droplets could slightly increase the wax precipitation temperature (WPT), reflecting the function of the interface as nucleation sites. Further, by adopting the drop shape analysis experiment and calculating the interfacial tension and interfacial dilational modulus based on it at the temperatures above and below the WPT, it was confirmed that wax crystals did adsorb at the interface and forced the interface to solidify, causing the interface to wrinkle when shrinking. Then, the results of the bulk viscoelasticity test proved the precipitation of wax crystals in the continuous oil phase and the formation of a network structure, which made the emulsion gelatinize and show strong viscoelasticity and yield characteristics. Finally, it was concluded that wax crystals not only precipitate in the oil phase but also precipitate and adsorb at the interface.