Mitsubishi Heavy Industries, Ltd. is developing technologies to extend the service life of and regenerate lubricating oil to achieve a reduction of CO2 emissions through material recycling of lubricating oil. Conventional lubricating oil regeneration methods have an issue of using energy in collecting waste oil and in the regeneration process. Therefore, we researched an on-site method that does not require waste oil collection and does not use heat in regeneration, and found a new process to extend the service life of and regenerate lubricating oil by combining additive supplementation and acid component removal. This report describes the degradation characteristics of lubricating oil and presents the effects of extending the service life of and regenerating lubricating oil that additive supplementation and acid component removal proposed by us bring.