This invention relates to the regeneration method and equipment of one kind of waste lubricating oil, the regeneration method includes below crafts: impurity subsidence, pelletthickly filter, vacuum dehydration, its characteristic is that there has heat up craft after the impurity subsidence craft, there also has second time heats up craft and membrane separation craft after vacuum dehydration craft; The temperature of heat up craft is 65-75degree C; the temperature of second time heats up craft is 50-90degree C; The membrane separation craft uses the spatial textile fibermembrane, its average aperture is 0.01-0.5mum, it can bear 80-90degree C high temperature, and can resistant oil corrosion. This regenerative equipment characteristic is that it is suitable for this invention regeneration method, it at least includes a front heater, a set of vacuum dehydration installment, a intermediate storage tank, at least an heater and at least a center spatial textile fiber membrane module. The craft of using this invention method and the equipment is simple, its operation is easy, it is easy to control, high energy conversion rate and good separation effect, it also does not pollute the environment, low energy consumption, it is effective to recycle waste lubricating oil.