The invention provides an energy-saving distillation device of multifunctional lubricating oil production equipment. The device comprises a distillation tank, a tank cover, a stirring motor, an auger,a control panel, a heater, support legs, a fixed base, a lubricating oil guide pipe, an oil discharge pipe with a valve, a temperature sensor and an air guide pipe, and the upper end of the distillation tank is in threaded connection with the tank cover. A waste heat heating water storage tank, a hollow hanging seat, a water injection cover, a drain valve, a circulating pump and a waste heat waste-free reutilization heating circulating pipe are arranged, thus facilitating resource saving, and avoiding waste of thermal energy resources; when the heater is used for heating the distillation tank, heat is dissipated and the waste heat waste-free reutilization heating circulating pipe can be heated; at this time, water in the waste heat heating water storage tank is continuously sucked out through the circulating pump, circulating heating is continuously conducted through the waste heat waste-free reutilization heating circulating pipe, heat recycling work can be conducted, resource wasteis avoided, energy is saved, environmental friendliness is achieved, and no pollution is caused.