A method for producing a hydrogenated petroleum resin by reacting dicyclopentadiene with a vinyl aromatic compound, subjecting the reaction product obtained by this reaction to thermal polymerization, and then hydrogenating the resulting product, including the following steps (A) to (C): (A) a preliminary reaction step of reacting a vinyl aromatic compound represented by the following Formula (1) (in the formula, R 1 is a hydrogen atom or the like) with dicyclopentadiene under the condition that selectivity for a phenylnorbornene derivative, which is a reaction product and is represented by the following Formula (2) {in the formula, R 1 has the same meaning as in the above Formula (1)}, is 90% or more to obtain a reaction liquid containing the phenylnorbornene derivative: (B) a polymerization step of heating the reaction liquid, which contains the phenylnorbornene derivative and is obtained in the preliminary reaction step (A), to a temperature of 240 to 300°C to polymerize the reaction liquid, thereby obtaining a polymerization reaction product; and (C) a hydrogenation step of hydrogenating the polymerization reaction product, which is obtained in the polymerization step (B), in the presence of a catalyst to obtain a hydrogenated petroleum resin.