Lip balm, also known as lip salve, is a wax-like substance that is applied to the lips topically to moisturize and relieve chapped or dry lips, angular cheilitis, stomatitis, or cold sores. Beeswax or carnauba wax, camphor, cetyl alcohol, lanolin, paraffin, and petrolatum are common ingredients in lip balm. Lip balm helps to protect against the sun and protect the lip from damage as well.