Beeswax is a Refineditem. It requires 1 Honeycomb to craft, and a Science Machine to prototype. It can be used to craft Wax Paper, which can then be used in other recipes. If left on the ground during Summer or near a heat source, the Beeswax will melt and vanish, and cannot be retrieved. This can easily be avoided by placing it inside a Chest or Backpack.
Since Honeycomb is not renewable in the single-player Don't Starve, only a limited number of Beeswax can be crafted.