A candle with an excellent attractive effect of color change with the use of positive and negative types of thermochromic dyes which develop a highly dense color on heating to the melting point of wax. These are composed of a plurality of (A) an electron donating chromogenic organic compound, (B) an electron accepting aromatic organic compound, (C) a medium selected from aliphatic alcohols or paraffinic waxes, (D) one or more of oil-based fragrances containing aromatic aldehydes, ketones, or esters, and (E) soluble halides or nitrates of transition metals. By controlling the relative proportions and the physical proximity of a plurality of ingredients from (A) through (E) in a candle or candle wax or other waxes, a color develops from a colorless state giving a positive thermochromic effect, the initial color is erased giving a negative thermochromic effect on heating or when the candle burns. These color changing waxes and candles made therefrom transform from one color shade to another color shade when mixed with conventional oil-based dyes to give a color-to-color effect on heating or melting the wax as the candle burns.