The invention relates to a regenerating process technology for producing high quality low-pour-point lubricant base oil by the full hydrogen method of waste lubricant oil. The process technology comprises the following steps: firstly, performing predistillation and atmospheric flashing on the waste lubricant oil to remove water and pulling out light oil, and then performing propane refining to remove the vast majority of impurities and additives in the oil; performing a hydrogenating reaction on the lubricant oil fraction without water and impurities and hydrogen under the action of a catalyst after being mixed, and performing gas liquid separation to obtain a liquid which enters a stripping tower to divide, thereby obtaining naphtha and light diesel oil from the top of the stripping tower; and feeding the pre-heated product in the bottom of the stripping tower into an isomeric pour point depression reactor and a compensating refining reactor, and separating light oil and the lubricant base oil from the reaction product through a fractioning device. The regenerating process technology provided by the invention is environment-friendly and pollution-free; the regenerating recovery of waste oil reaches up to 99% or above; the oxidizing stability and light stability of the base oil are remarkably improved; the product is good in quality and high in additional value; and therefore, the regenerating process technology has a very good market application prospect.