The present invention discloses a waste hydrogenation catalyst utilization method, which comprises: grinding a waste hydrogenation catalyst, soaking with ammonia water, adding alumina, a binder and an acid solution to the remaining solid, and carrying out mixing kneading molding; carrying out reducing treatment with hydrogen gas in a high pressure reaction kettle; adding a polyol and / or furfural solution to the high pressure reaction kettle, and carrying out a hydrogenation reaction; and drying the material obtained after the reaction until the surface is liquid-free, sequentially contacting an organic acid, ammonium or ammonia, and loading a heteropoly acid to produce the catalyst for ethylene preparation through ethanol dehydration. According to the present invention, with the method, the hydrogenation activity metal component and the carrier component in the waste hydrogenation catalyst are utilized, and the hydrogenation activity of the waste hydrogenation catalyst is completely utilized, such that the utilization rate of the waste catalyst is improved, the pollution problem of the waste catalyst is solved, and the obtained catalyst for ethylene preparation through ethanol dehydration has the excellent performance.