The invention provides a heavy oil hydrogenation process which includes mixing heavy oil raw material, dispersed catalyst and hydrogen to obtain a mixture, feeding the mixture to a suspending-bed reactor in an up-flow way, and carrying out hydrogenation reaction on the hydrocracking condition; separating reactor effluent by a separator to obtain light distillate, hydrogenation tail oil and coke. The dispersed catalyst refers to amorphous nano molybdenum disulfide catalyst. The amorphous nano molybdenum disulfide catalyst is decomposed into molybdenum disulfide monolithic stratification structure during heavy oil hydrogenation to provide more catalytic activity point sites for the heavy oil hydrogenation, so that conversion from heavy oil raw material to the light distillate is improved greatly, generation of coke products is suppressed effectively, and operation cycle of the heavy oil hydrogenation facility is prolonged.