The present invention discloses a lubricating oil base oil production method. According to the lubricating oil base oil production method of the present invention, a wax oil raw material and hydrogen gas are mixed and then sequentially pass through at least two hydrogenation reaction zones connected in series, wherein each hydrogenation reaction zone sequentially comprises a composite catalyst bed layer filled with a hydrodewaxing catalyst and a hydrocracking catalyst in a mixed manner and a hydrodewaxing catalyst bed layer according to the material flowing direction, and the reaction effluent obtained from the last hydrogenation reaction zone is subjected to separation and fractionation to obtain the lubricating oil base oil, the white oil and other products. With the method of the present invention, the temperature decrease during the hydrodewaxing process and the temperature increase during the hydrogenation process are subjected to reasonable combination utilization, such that the low freezing point lubricating oil base oil is produced while the viscosity index is increased, the hot spot temperature of the device is reduced, and the operation period is prolonged; and the cold hydrogen consumption or the heating furnace fuel gas loss is reduced, and the operating cost is saved.