The invention relates to a purifying device and method for polluted lubricating oil (i.e., dirty oil). The device comprises a magnetic rotator, a centrifuge and a fine filter which are connected sequentially, wherein a liquid outlet of the magnetic rotator is connected with a liquid inlet of the centrifuge through a first adapting pipe, and a liquid outlet of the centrifuge is connected with a liquid inlet of the fine filter through a pipeline. According to the device and the method disclosed by the invention, methods such as rotating-magnetic coagulation, centrifugal separation and membrane type refined filtration are organically combined, so that deep purification of the polluted lubricating oil is achieved; and the restraint, i.e., singleness of the existing equipment is overcome, various impurities such as enginery, water, air and oxidative colloids generated during the use of various kinds of lubricating oil can be effectively removed, the liquid quality of the lubricating oil is remarkably improved, running equipment is reliably guaranteed, the service life of liquid oil is substantially prolonged, the consumption of the lubricating oil is lowered, the cost of the lubricating oil is reduced, the environmental pollution caused by waste liquid oil is reduced, and great direct or indirect economic benefit is produced.