Latest Welsh Government figures show that 331,921 patients were waiting for the start of their treatment at the end of October.
5% of these patients, or over 16,000, had been waiting for more than 26 weeks.
During October, 9.6% of all those who were treated had also been waiting for longer than 26 weeks.
Shadow Minister for Health, Nick Ramsay AM, said: “The number of people waiting for treatment, as of October 31st, equates to approximately 1 in 10 of the Welsh population.
“While that figure itself is incredibly worrying, that so many had been waiting for over 26 weeks is both troubling and unfair.
“It is absolutely crucial that we make progress in this area and support the excellent work of NHS staff. What we should not be doing is making their jobs more difficult by continuing to pillage from the health budget.
“With 435 million pounds already being cut from the NHS this financial year, Labour-Plaid’s plans to take out another billion over the course of the next three years will be disastrous.
“We need to root out the waste, put an end to inefficiencies and increase the health budget in line with inflation. Welsh Conservatives are the only party committed to doing this.
“Labour-Plaid’s plans will not allow the NHS to make the significant improvements on waiting times that we so desperately need.”