The objective of the study was to investigate the achievable limits of aerobic sludge stabilization applied on waste-activated sludge generated in domestic, tannery, and pharmaceutical wastewater treatment plants. Stabilization study involved monitoring of conventional parameters and model evaluation of oxygen uptake rate and particulate components of waste sludge. Multi-component biomass approach was adopted based on death-regeneration mechanism. The results showed that sludge stabilization efficiency ranged between 25% and 30%, which was closely related to the fate of different particulate fractions of biomass, that is, viable biomass, hydrolysable particulates, and microbial metabolic products. Model calibration exercises yield in rate coefficient ranges of 0.18-0.32/day for biomass decay and 0.60-0.65/day for hydrolysis of non-biomass components. Degradation rates of particulate metabolic products were estimated as 0.035, 0.04, and 0.01/day for domestic, tannery, and pharmaceutical sludge, respectively. Relatively low degradation rates compared to conventional biological treatment processes confirmed reduced microbial activity in the course of aerobic stabilization.