When crude oil is extracted out of a subterranean reservoir at high temperature and pressure, it is usually transported via a pipeline, where the crude oil experiences radical changes in its physical and chemical properties, instigating numerous complications. Among the various flow assurance problems, wax deposition and build up are among the most commonly found. However, the accurate mechanism of wax deposition is still unclear and is widely debated among researchers. The mechanism under multiphase conditions is also an ambiguity. This review covers the six wax deposition mechanisms, the challenges in multiphase flow conditions, the latest types of chemical inhibitor, and a summary of factors governing chemical inhibitor performance.