In this study, the relationship between wax matrix in lipstick and sweating was investigated by observing the change of size and shape of wax matrix with sweating by Scanning Electron Microscopy (SEM). For observation by SEM, a lipstick sample was frozen in liquid nitrogen, then the oil in the lipstick was extracted out in cold isopropanol($-70^{circ}C$) for 1-3days. After isopropanol was evaporated, the sample was sputtered with gold, and examined by SEM. When examined the sweated sample by SEM, the change of wax matrix underneath the surface from fine, uniform structure to coarse, nonuniform structure was observed, which was resulted from the caking of surrounding wax matrix. That is, the oil underneath the surface was migrated to the surface of lipstick with sweating, consequently the wax matrix at that region was rearranged into the coarse matrix. In case of flamed lipstick, sweating was delayed and the wax matrix was much coarser than that of unflamed one. Its larger wax matrix at surface region was good for including oil. The effect of molding temperature on sweating was also studied. As the molding temperature was increased, sweating was greatly reduced and the size of wax matrix was increased. It was also found that sweating was influenced with the compatinility of wax and oil. A formula consisting of wax and oil which have good compatibility has a tendency of reduced sweating and increased size of wax matrix. When pigment was added to wax and oil. It was also found that sweating was influenced with the passage of time by observing a thick membrane of wax on surface of lipstick after a month from molding. In case of some lipsticks, the size of wax matrix was altered to bigger or smaller. In conclusion, the structure of wax matrix at the surface region of lipstick was changed with the process of foaming, molding temperature, compatibility of wax and oil, addition of pigment, and the passage of time. In most cases, as the size of wax matrix was increased, sweating was reduced and delayed.