The invention relates to a heavy oil hydrogenating and modifying method, which is characterized in that a heavy oil raw material, heavy cycle oil and a catalyst are uniformly mixed in a premixing device, and are introduced with hydrogen in a liquid phase fluid bed reactor, a hydrotreatment reaction is carried out under the heavy oil hydrotreatment condition, the hydrogenation products is fractionated to light distillate oil and heavy distillate oil in a distillation column, the light distillate oil leads out the apparatus, the heavy distillate oil is circulated to the premixing device and is mixed with the heavy oil raw material; by taking total weight of the catalyst as a reference, the catalyst comprises 2-18wt% of metallic element and 82-98wt% of non metallic element, wherein, by taking the weight of the metallic element as a reference, more than 95wt% of metallic element is V, Ni and VI B family metallic element; by taking the weight of the non metallic element as the reference, more than 95% of non metallic element is C and S, and at least a part of S and the metallic element are existed with a sulfide form of the metallic element. The heavy oil hydrogenating and modifying method is suitable for hydrogenation and conversion of the heavy oil, and is especially suitable for hydrotreatment of inferior heavy oil with high metal, high charcoal residue and high condensed ring substance.