A saw blade lubricating apparatus has a barrel with an outlet at one end thereof, a drive cooperative with the barrel for extruding wax outwardly of the outlet of the barrel, a dispenser block connected by a conduit to the barrel and having a wax inlet and a wax outlet, and a valve positioned in or on the dispenser block. The valve is selectively movable between a first position allowing wax flow between the wax inlet and the wax outlet and a second position blocking wax flow between the wax inlet and the wax outlet. A saw blade can be positioned adjacent to the wax outlet of the dispenser block.