The invention relates to the technical field of petrochemical engineering, and especially relates to a method for preparing fuel oil by taking waste lubricating oil as a raw material. The method comprises the following steps: collecting waste lubricating oil as the raw material, distilling and collecting a fraction; mixing the fraction with water and a strong-acidic catalyst, and fully stirring and mixing the above three compositions to form a mixed solution; heating the mixed solution to 60-90 DEG C with stirring, and adjusting pH to 7 to obtain an oil-water mixture; after the oil-water mixture is stirred, standing to form an oil-water separation layer, distilling to obtain a fraction, performing hydrofinishing on the fraction, performing secondary distilling and collecting a fraction to obtain the fuel oil. By employing the method provided by the invention for preparing the fuel oil, multiple distilling is performed, and the reaction product is further subjected to deep hydrotreatment through catalytic hydrogenation, the prepared fuel oil is clarified and transparent, the disadvantages of landfill treatment of waste oil as a waste are solved, and the pollution to environment is reduced.