Disclosed is a method for manufacturing high value added hydrocarbon oil, especially lubricating oil through a series of treatment processes from spent lubricants containing moisture, heavy metals and polycyclic aromatic compounds as impurities. To this end, the recycling method comprises the following steps: providing of spent lubricants; cohesion/primary extraction; secondary extraction; distillation under reduced pressure; hydrogenization treatment; and collection of lubricating oil. According to the present invention, impurities, pollutants or the like contained in the spent lubricants generated from various sources are effectively removed so lubricating oil with excellent quality can be manufactured.
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