In oil fields, the formation of water-in-waxy crude oil emulsion is inevitable. The dissolved/crystallized state wax can interact with asphaltenes and then greatly affect the emulsion stability. However, studies on this aspect are still insufficient. In this work, the effects of the test temperature (30 °C well above the wax appearance temperature (WAT) and 15 °C well below the WAT) and asphaltene concentration (0∼1.5 wt %) on the stability of the water-in-model waxy crude oil emulsions containing 10 wt % wax were systematically investigated. When the model crude oils contain no wax, the flowability of the oils is good and the asphaltene concentration has little influence on the oil rheology. Increasing the asphaltene concentration facilitates the adsorption of asphaltenes to the oil–water interface, thus reducing the interfacial tension and water droplet size while enhancing the interfacial dilatational modulus. The stability of the emulsions improves with the increase in the asphaltene concentration, but the emulsions are still unstable. When the model crude oils contain 10 wt % wax, the WAT slightly decreases from the initial 25 to 24 °C after the addition of asphaltenes. The oil rheology is greatly improved by the addition of 0.05 wt % asphaltenes. With the further increase of the asphaltene concentration, the improved rheological ability of the asphaltenes deteriorates rapidly. At the asphaltene concentration of 1.5 wt %, the oil rheology is dramatically aggravated. The stability of the emulsion containing 10 wt % wax is mainly controlled by two aspects: on the one hand, the dissolved-state wax (30 °C) could facilitate the adsorption of asphaltenes to the interface, further reduce the interfacial tension and the water droplet size, and enhance the interfacial dilatational modulus; on the other hand, the wax crystals precipitated in the oil phase (15 °C) can form a stronger network structure at relatively high asphaltene concentrations (0.5∼1.5 wt %) and then immobilize the water droplets. The above two aspects greatly improve the sedimentation and coalescence stabilities of the emulsions at 15 °C. In addition, we did not find persuasive evidence showing that the wax could crystallize around the water droplets and strengthen the oil–water interfacial films.