I'd suggest it is an oil film not a wax. But fundamentally, used within it's limits, it can be expected to lubricate and dispel water and perform as an oil would. Whether its actually an oil or effectively an oil, and the semantics of what it actually is makes little difference to the end user wanting to spray his metal tools to stop rust.Not as simple as that, but I don't know the formulation. It evaporates, to leave a thin waxy film behind - which what gives the protection. The film is so thin, that it quickly wears off as soon as you touch an item. If you repeatedly spray something, allow evaporation, then the wax becomes more obvious.