Oxidized polyethylene wax is obtained by oxidation of polyethylene wax and it is composed of various chemicals, e.g., fatty acid, alcohol, ketone and ester. The application of oxidized polyethylene wax is determined by the composition of these chemical substances. In this basic study we observed the basic reaction parameters of time, temperature, oxygen concentration and catalysts on the oxidation reaction of low molecular weight polyethylene(PE wax) by analyzing the acid value, physical and chemical properties of oxidized PE wax to develop a new oxidation process. Acid values are increased with temperature increase in the rage of $150^{circ}C^{sim}180^{circ}C$ but decreased beyond 190$^{circ}C$. Acid values are also increased with oxygen concentration. As the oxidation reaction proceeds the molecular weight and softening points of oxidation products are decreased by cracking reaction, but the viscosities are increased. To observe the crystallinity of oxidation products SEM experiment was performed. To obtain a high acid-value product in a mild condition, we adopted free radical catalysts and the acid value of the product using catalyst was higher than the product obtained without catalyst in the same reaction condition. The effective initiators were dicumyl peroxide(DCPO), t-butylperoxy-2-ethyl hexanoate(HOPO) and benzoyl peroxide(BPO) having long half-life.