Equipment and a process for upgrading oil are provided to produce a refined oil lighter than a material oil by cracking the heavier material oil with the addition of hydrogen under relatively relaxed production conditions. An equipment for upgrading oil according to one aspect of the invention includes an emulsion making portion (10), a refinery tank portion (20), and a heating portion (30), and configured to make an emulsion (E) by emulsifying ionized alkaline water (A) in a material oil (O1) in the emulsion making portion (10), and to drop droplets (D) of the emulsion (E) onto the surface (S) of a heat medium (O2) in the refinery tank portion (20) heated by the heating portion (30).