Move furniture, wall pictures and home decor away from the molding. Unfold clean drop cloths and cover the floors beneath the molding.
Wipe light dirt marks from the molding, using a damp rag. For molding covered in excessive grease and dirt marks, use a rag dampened with a wood degreaser product to remove troublesome grime.
Sand the entirety of the molding in the direction of the wood grain, using a new sheet of 120-grit sandpaper. Sand the molding only to expose the wood grain and dull the glossiness of the old paint finish.
Dust off the body of the molding, using a duster brush. Lightly dampen a clean rag, or use a tack cloth, and thoroughly wipe the molding to lift the fine sanding dust from the surface of the wood.
Inspect the top edges and miter corners of the molding for noticeable cracks. Use a caulk gun to fill cracks. Push wood putty into nail holes with your finger.
Tape off the edges where the molding meets the floor and wall edges. Use 1 1/2-inch blue painter's tape.
Fill the bottom of an empty paint can with oil-based primer and stir the primer with a wooden stir stick. Oil-based primer strongly seals sanded wood and prevents old stains from bleeding through the finish of the new paint.
Brush the primer onto the molding evenly, without leaving bare spots, or heavy accumulation. Allow the primer to dry according to the recommendation on the product label. Oil-based primer takes longer to dry than water-based primer.
Pour a semi-gloss, or gloss paint, into a clean paint container and stir the material thoroughly. Brush one coat of paint onto the molding and allow to dry. Apply a second coat to achieve uniform color definition.