Polar functional polyethylene wax was prepared by grafting maleic anhydride and styrene monomers on nonpolar polyethylene wax which was produced by pyrolysis process. The acidity variation of polyethylene wax was investigated depending on the graft reaction variables. The polar functional polyethylene wax, which was prepared by grafting via alternating copolymerization of styrene and maleic anhydride, showed the significantly higher acid value compared to the polyethylene wax grafted with maleic anhydride alone. As the anhydride group of polar functional polyethylene wax was hydrolyzed to form carboxylic acid groups, the acid value of hydrolyzed functional polyethylene wax increased further. Due to the effect of initiator decomposition temperature, dicumyl peroxide resulted in the higher acid value of polyethylene wax in the grafting with maleic anhydride alone. On the other hand, benzoyl peroxide resulted in the higher acid value of polyethylene wax in the grafting with maleic anhydride and styrene together at lower temperature.