Bakers everywhere are used to the advantages of wax paper and parchment paper; they make cooking simpler, cleanup easier and cooling more efficient. However, they are not identical products.
Wax paper is a kitchen paper coated with a thin layer of wax. Parchment paper is a higher quality kitchen paper coated with a thin layer of silicone, creating a non-stick surface.
Wax paper is most useful for cooling foods, such as candies or melted marshmallows. You can also line pans with it for baking cakes. Parchment paper is ideal for rolling out foods before cooking and for covering pans while baking foods, such as cookies.
Wax paper is made of a flammable material; it only works in the oven when the surface of the wax paper is not exposed to oven heat. Parchment paper is heat resistant to 420 degrees.
Parchment is only good after a few uses, but it leaves no taste residue on the foods it comes into contact with. Wax paper can leave a hint of a wax taste.
Wax paper is relatively inexpensive and available wherever baking items are sold. Parchment paper is harder to find and can be quite a bit more expensive.