The invention discloses a combined process for preparing fuel oil by hydro-cracking and hydro-upgrading of coal tar, and belongs to the field of coal chemical industries. The coal tar is fractionated through a fractionating tower, then heavy component oil whose boiling point is larger than 360 DEG C and light component oil whose boiling point is lower than 360 DEG C are obtained, the heavy component oil is subjected to a cracking reaction under a hydrogen condition, generated oil formed in the cracking reaction goes back to the fractionating tower, the light component oil whose boiling point is lower than 360 DEG C is subjected to hydro-refining and hydro-cracking systems, so that gasoline and diesel blended components of high quality can be obtained. According to the invention, coke generated is obviously reduced, polymerization and condensation of unsaturated hydrocarbons such as olefin, aromatic hydrocarbons and the like are inhibited, the incidence of coking is reduced, the yield of liquid products obtained through a delayed coking process is improved, working periods of devices are prolonged, and equipment investment is reduced. According to the invention, products of high quality can be produced, and the utilization rate of the coal tar is improved, thereby bringing substantial economic benefits and facilitating environment protection.