Lubricating oil is an important resource and a petroleum base product. The high price of oil and objective of saving valuable foreign exchange has resulted in efforts for regeneration of used lube oil. Mismanagement of waste lube oil is a serious environmental problem. Almost all types of waste oil have the potential to be recycled safely, saving a precious non-renewable source and at the same time minimizing environmental pollution. Unfortunately, most of used oil is handled improperly. Some is emptied in to sewers for going directly into water waste, adversely affecting water treatment plants. Some is dumped directly on to the ground to kill weeds or is poured on to dirty roads or is dumped in deserts, where it can contaminate surface and ground water. Disposal of used lubricating oil into the eco system creates environmental hazards. Tough laws are being enacted throughout the world for the disposal of waste petroleum products and every genuine effort should be made for it?s re-use. In most cases, used oil can be re-used after reconditioning with or without the addition of any additives resulting in huge saving and conservation of precious oil. Thus regeneration, reclamation or recycling of spent lubricating oils has become an important process industry, adopting various techniques for oil purification.