The invention relates to a process to prepare a microcrystalline wax and a middle distillate fuel by (a) hydrocracking/hydroisomerizing a Fischer-Tropsch product, wherein the weight ratio of compounds having at least 60 or more carbon atoms and compounds having at least 30 carbon atoms in the Fischer-Tropsch product is at least 0.2 and wherein at least 30 wt % of compounds in the Fischer-Tropsch product have at least 30 carbon atoms, (b) performing one or more distillate separations on the effluent of step (a) to obtain a middle distillate fuel fraction and a microcrystalline wax having an initial boiling point of between 500 and 600° C.