Supercritical propane fractionation of Sheng-Bei wax-bearing residue was investigated using laboratory-scale apparatus. The residue was fractionated by increasing the pressure stepwise. The properties of the extracted fraction, the wax distribution in the fraction, and the properties of deoiled wax were studied. The experimental results show that this method can fractionate the residue in molecular weight order. It has very high selectivity; the saturates are easier to extract than the aromatics in the process. The application of the process in residue fractionation and upgrading was also discussed.