The influence of molecular weight of olefin wax as a plasticizer on the processability and properties of ultrahigh‐molecular‐weight polyethylene (UHMWPE) was thoroughly investigated in this study. Two different grades of olefin wax (H5 and 210P) were used separately to plasticize UHMWPE. Comparative results were analyzed based on mixing torque, mechanical, thermal, thermo‐mechanical, and morphological aspects. The Gaussian mathematical model was applied to the internal thermo‐shear batch mixing torque data to predict processability and plasticization of the resulting compounds. A decrease in the peak torque value with increase in wax content revealed the plasticization effect. Across both types of wax (H5 and 210P) at 4, 8, and 10 phr content, the 10 phr H5 wax plasticized UHMWPE batch showed a minimum peak torque of 4.5 Nm with a broad mixing temperature window (∆T) of 32.4°C. The relatively low‐molecular‐weight wax (H5) seemed to be more efficient at uncoiling the entanglements among the amorphous phase of UHMWPE, perhaps because of its smooth interpenetration between ties. The lowest degree of crystallinity range (34%–40%) and the highest nucleation rate (0.9 min−1) were found with 10 phr H5 wax plasticized UHMWPE. The tensile strength of 30.5 MPa and elastic modulus of 127 MPa, achieved by the addition of H5 wax at 10 phr loading, confirmed the optimum effect of plasticization. The plasticization effect was also established from the loss moduli and Cole–Cole plots (log loss modulus vs. log storage modulus). A smaller number of multiple stress‐induced overshoots and the inclining approach toward the viscous dominant regime with temperature sweep were observed in the case of 10 phr H5 wax composition. Scanning electron microscopy (SEM) analysis revealed disappearance of interfacial crazing and interparticle boundaries progressively with the increase in H5 wax content. Overall, plasticized UHMWPE with 10 phr content of H5 wax showed the optimum processability and properties.