The invention provides a process for preparing a hydrowax comprising the steps of: (a) providing a hydrocarbonaceous feedstock which contains more than 4% by weight of hydrocarbons boiling in the range of from 550 to 800° C.; (b) hydrotreating the hydrocarbonaceous feedstock with a hydrotreating catalyst in the presence of a hydrogen-containing gas under hydrotreating conditions to obtain a hydrotreated product; (c) hydrocracking at least part of the hydrotreated product as obtained in step (b) with a hydrocracking catalyst in the presence of a hydrogen-containing gas under hydrocracking conditions to obtain a hydrocracked product, which hydrocracking catalyst contains a zeolitic component which is present in an amount of at least 14 wt %, based on the total weight of the hydrocracking catalyst, and wherein the volume ratio of the hydrotreating catalyst as used in step (b) and the hydrocracking catalyst is more than 1; and (d) recovering from the hydrocracked product as obtained in step (c) the hydrowax.