Gas-lift is one of the artificial methods in which gas is injected down the production casing–tubing annulus and enters the production tubing through a number of gas-lift valves. During the production of a gas-lift well, the injected compressed gas might cause changes in pressure, temperature as well as fluid composition. When the temperature of the oil falls below the wax appearance temperature, it leads to the formation of organic wax deposits. Wax precipitation in well tubing and processing equipment might lead to dramatic reduction in production, equipment failures, loss of storage and transport capacity, and loss of efficiency. This paper presents a detailed study of wax formation in a gas-lift well. Taking into account changes in the oil component composition during gas injection, the depth of wax formation has been determined by applying a highly accurate developed algorithm. The optimal operating regime of the gas-lift well has been determined using a compositional multiphase model.