The invention provides a method for hydrogenizing and deacidifying distillated oil. The method comprises the following steps: adding distillated oil and catalyst into a fixed bed reactor for hydrogenation reaction, and carrying out nitrogen air stripping treatment on the product of the hydrogenation reaction. The catalyst carrier is composite alumina, in which the content of alumina is 35 to 90 wt percent; active metal constituents adopt nickel, molybdenum and tungsten, and are metal oxides; and the catalyst contains 2 to 10 wt percent of nickel oxide, 3 to 10 wt percent of molybdenum trioxide, and 5 to 45 wt percent of tungsten trioxide. The processing conditions for hydrogenizing and deacidifying are temperature ranging from 260 to 350 DEG C, pressure ranging from 2 to 10 MPa, raw material hourly space velocity ranging from 0.2 to 6.0 h-1, and hydrogen-oil volume ratio ranging from 150 to 1500. The conditions for nitrogen air stripping treatment are temperature ranging from 40 to 80 DEG C, pressure ranging from the normal pressure to 0.10 MPa, and nitrogen flow rate-fed oil volume ratio ranging from 200 to 500. Compared with the conventional hydrogenizing and deacidifying method, the method provided by the invention has the advantages that the hydrogenizing and the deacidifying effects and the liquid yield are high; and the process is simple.