The invention relates to a method for producing lube base oil having a low cloud point and a high viscosity index. The lube base oil having a low pour point, the low cloud point and the high viscosity index is produced from heavy distillate oil which has high wax content, an initial boiling point of 300 to 460 DEG C, wax content of more than and equal to 5 percent, a pour point of more than and equal to -20 DEG C and a cloud point of -5 DEG C and serves as a raw material through the reaction processes of hydrogenation refining, isomerization/asymmetric cracking and supplemental refining in the presence of hydrogen. The method is also used for producing high-quality naphtha and middle distillate and is mainly characterized in that: the heavy base oil has high yield, low pour point and cloud point and high viscosity and viscosity index.