A heavy oil is hydrorefined using a hydrorefining catalyst. A spent hydrorefining catalyst whose activity has decreased is heat treated (S1) and pulverized to obtained a regenerated powder (S2). This regenerated powder is fractionated according to its metal content (S3), formed (S6), dried (S7), and calcined (S7) to manufacture a regenerated catalyst whose volume of pores with a diameter of 50 to 2000 nm is at least 0.2 ml/g, and whose volume of pores with a diameter over 2000 nm is no more than 0.1 mL/g. Using this regenerated catalyst, a heavy oil containing at least 45 wt ppm vanadium and nickel as combined metal elements is hydrodemetalized, and the vanadium and nickel are recovered from the used regenerated catalyst (SS1). Through hydrorefining, the metal components are recovered more efficiently, and the spent catalyst can be reused to manufacture a regenerated catalyst that exhibits high reaction, activity.