It depends on the wood.
typically I sand to at least 1000 grit, then use tung oil and let it dry.
After that I will buff with white (fine) compound lightly, then switch to a dry cotton buff with wax.
Some woods like Pink No Scratch if the pores are filled in. Open pored type wood gets dirty looking from pink no scratch (or even white) compound. It's trial and error on that.