The invention discloses an oil decolorizing, deodorizing, refining and stabilizing method, belonging to the field of oil refining. The oil decolorizing, deodorizing, refining and stabilizing method comprises the following steps: respectively adding 0.1-10% of decolorizing agent, 0.2-5% of deodorizing agent, 0.05-1% of refining agent and 0.01-0.5% of stabilizer into crude oil; and under normal pressure and temperature, stirring and separating the mixture to obtain refined oil. Chroma of the oil reaches the national standard, and all of eight other indexes of the oil, such as oxidation stability, sulfur content, acidity, carbon residues, ash and the like, can reach the national standards; by the oil decolorizing, deodorizing, refining and stabilizing method, multiple oil products with different sources can be processed at the same time; the oil decolorizing, deodorizing, refining and stabilizing method is a multifunctional processing method with a general effect, does not require high temperature and high pressure, and has characteristics of small investment, multiple functions, good quality and high efficiency; the oil decolorizing, deodorizing, refining and stabilizing method is energy-saving and emission-reducing; and by the method, a relatively good practical condition is created for improving the oil quality and reducing reliance on petroleum and the market application prospect is wide.