Dry and chapped lips occur because the epidermis of the lips lacks a natural moisturizing mechanism, resulting in an increased rate of transepidermal water loss (TEWL) and creating a need for effective lip care products. Roselle flower petals (Hibiscus sabdariffa L.) contain anthocyanins, flavonoids, and vitamin C, which have potential antioxidant and moisturizing properties. The physical quality and stability of lip balm are influenced by the wax base, particularly the ratio of candelilla wax to carnauba wax. This study aimed to determine the effect of varying the ratio of candelilla wax to carnauba wax on the physical quality, physical stability, and moisturizing effectiveness of roselle extract lip balm, as well as to determine the optimum formula. This laboratory experimental study used four formulas: F0 (blank), F1 (10%:6%), F2 (8%:8%), and F3 (6%:10%), with 8% roselle extract in F1–F3. Evaluations included organoleptic properties, homogeneity, pH, spreadability, adhesion, application properties, irritation, and hedonic testing, as well as a six-cycle cycling test and moisturizing effectiveness assessment in 30 panelists over seven days using a skin analyzer. Data were analyzed using the Shapiro–Wilk, paired samples t-test, Friedman, and Wilcoxon tests. All formulas met the physical quality requirements and caused no irritation. F3 showed the best pH stability, while F2 demonstrated the highest moisturizing effect and panelist acceptance. Formula F2 (8%:8%) was determined to be the optimum formula because it provided the best balance of physical quality, stability, moisturizing effectiveness, and panelist acceptance.