Laurin Rinder / Shutterstock.com Wax Paper Compost (Yard Trimmings) Cart Laurin Rinder / Shutterstock.com Wax paper can go in your compost bin and the box can go in your recycling bin. Ways to Reduce Buy Petroleum-Free Alternatives Buy paper that uses soy wax rather than paraffin wax because this paper is made from a renewable resource. Paraffin wax is made from petroleum. Ways to Reuse Clean and Reuse If the wax paper is not soiled with grease or food, you can clean and reuse it.