The present work was aimed to develop a 24 hour modified release dosage form of model drug propranolol HCl using different waxes by hot melt granulation technique. Three waxes: stearic acid, cetostearyl alcohol and glyceryl behenate were used at 5%, 10%, 15% 20% and 30% concentration in matrix systems. Prepared formulations showed good tabletting characteristics. The effect of various waxes and their concentrations were studied on the release of the drug. The drug release profile from the wax matrices were tired to match with targeted dissolution profile (TDP). Matrix systems containing 30% stearic acid showed dissolution profile similar to TDP for initial hours and later the release was slower than TDP. In case of matrix system containing 30% cetostearyl alcohol, the drug release was within the TDP and with systems containing glyceryl behenate, propranolol HCl release was within TDP with 10%, 15% and 20% concentration. The release of drug was slower than TDP for matrix system containing 30% glyceryl behenate. The matrix system showing drug release within TDP followed non- Fickian diffusion.