Blending with light oil is a commonly used and reliable method of crude oil transportation, and the blending ratio is a crucial operating parameter in determining the safe and efficient operation of the pipeline. In this paper, in-house flow and deposition experiments are used to evaluate the flow and deposition characteristics of crude oils with varying blending ratios. The results show that (1) blending with light oil basically does not affect the shape of the DSC curve of crude oil; (2) blending with light oil will not eliminate the thermal treatment effect, and the mixed oil flowability still remains highly dependent on the thermal treatment temperature; (3) blending with light oil can greatly decrease the abnormal point and oil viscosity, in which the low-temperature viscosity decreases more significantly; and (4) a wax deposition model of mixed oil is obtained through the fitting of Huang’s model, where the blending ratio is a crucial factor in the determination of the model parameters k, m, and n.