Bred in the Poole stud at the Friary in Lewes, Sussex, by Sir Ferdinando Poole, 4th Baronet (-1804), Waxy was said to be beautifully conformed, lengthy, and with much of the Arabian about him. He was one of the Eclipse-Herod crosses popular in that era that contributed so much to the development of the breed, and through his son Whalebone (br c 1807) ensured the overwhelming success of the Eclipse sire line.

His dam, Maria (b f 1777 Herod), bred by Frederick St. John (1732-1789), 2nd Viscount Bolingbroke, at Lydiard Park in Swindon, also produced the winners Worthy (b c 1795), full brother Waxy, and his half-sister Wowski (bl f 1797 Mentor).

Waxy was purchased by Augustus Henry Fitzroy (1735-1811), the 3rd Duke of Grafton, in 1808 and following his death became the property of George Henry Fitzroy (1760-1844), 4th Duke of Grafton. Winner of 11 races, including the Derby Stakes, Waxy was said to be a game, tough horse, and he vanquished his arch-rival, the valiant little Gohanna (b c 1790 Mercury) on all but one occasion.

His exercise rider described Waxy in a letter appearing in the Old Sporting Magazine of May, 1828: "Waxy was one of the finest formed, perfect in symmetry, beautiful in colour, admirable in all his paces, and of the finest temper, when in work; but, in the winter, after being weather-bound from frost and snow for some days, on getting out again, it was a case of 'Look out, my boys,' with a vengeance. Oft has he kicked the lappets of my coat over my head."

Standing at Euston Hall in Suffolk, near Thetford, on the Suffolk/Norfolk border, Waxy sired 190 winners of more than £70,000. He was Champion Sire in 1810. He died at age twenty-seven and was buried near All Saints Church in Newmarket.