Objective: Scientific basis for refining and storage of beeswax oil could be provided, with the research of the variation trend of peroxide value and acid value in beeswax oil under different heating time and storage time. Methods: The beeswax oil with different heating time and storage time were measured, according to the test methods of peroxide value and acid value in the mensuration of fat and fat oil in the four general rules of Chinese pharmacopoeia. Results: Within 60 min of heating, the peroxidation value of beeswax oil increased slowly. With the extension of the heating time, the peroxidation value of beeswax oil increased rapidly. When the heating time was 90 min, the peroxidation value of beeswax oil increased by 6 times, and the acid value increased by nearly 80 times. When the storage time is less than 15 days, the peroxide value and acid value in the beeswax oil increased slowly. But the peroxide value and acid value in the beeswax oil increased sharply, and the rancidity reaction intensified after 15 days. Conclusion: Within 60 min, the heating time has less effect on the quality of beeswax oil. When the storage time is less than 15 days, the rancidity of beeswax oil is slow, and reducing the storage time can delay the deterioration of beeswax oil. The research has a guiding significance for the reasonable refining and storage of beeswax oil.