The invention provides a transformed buried oil storage tank and a transforming method thereof. The oil storage tank is provided with a steel tank body. A bottom layer, which is formed by laminating fiber cloth, spraying resin and curing the resin, is arranged on the inner wall of the tank body. A middle layer is arranged on the inner wall of the bottom layer. The middle layer adopts a hollow structure, which is formed by compounding 3-D spacer fabrics, woven integrally from glass fiber, through resin. The surface layer, which is formed by laminating fiber cloth, spraying resin, and curing the resin, is arranged on the inner wall of the middle layer. The surface protection layer made of electrostatic resin is arranged on the inner wall of the surface layer. The transforming method comprises the following specific steps of S1, clearing the oil storage tank; S2, spraying bonding resin; S3, preparing the bottom layer of the oil storage tank; S4, preparing the middle layer of the oil storage tank; S5, preparing the surface layer of the oil storage tank; S6, preparing the protection layer on the surface of the oil storage tank; and S7, mounting a leakage detection system. The oil storage tank has high corrosion resistance and wear resistance, and the service life is long; and the transforming method is simple and flexible, and the service life of the oil storage tank is prolonged.