NOVELTY - A vacuum residue oil is contacted with deasphalting solvent, deasphalted, and asphalt component and heavy deasphalting oil component are removed, to obtain light deasphalting oil. The light deasphalting oil is contacted with solvent (x), the mixture of obtained wax-containing refined oil and hydrogen are contacted with hydrogenation catalyst and hydrorefining catalyst, light component is removed and contacted with dewaxing solvent. The mixture of resultant dewaxed oil and hydrogen is contacted with dewaxing catalyst and hydrorefining catalyst and stripped, to obtain bright stock.    USE - Preparation of bright stock.    ADVANTAGE - The method produces bright stock having high viscosity index and low pour point.    DETAILED DESCRIPTION - A vacuum residue oil is contacted with deasphalting solvent, deasphalted and asphalt component and heavy deasphalting oil component are removed from the resultant mixture, to obtain a light deasphalting oil having residual carbon content of 2 weight% or less, chroma of 8 or less, n-heptane undissolved substance content of 100 ppm or less and dry point of 700 degrees C or less. The light deasphalting oil is then contacted with solvent (x) in which macromolecular polycyclic aromatic hydrocarbon is selectively dissolved and the macromolecular polycyclic aromatic hydrocarbons are removed, to obtain wax-containing refined oil containing macromolecular polycyclic aromatic hydrocarbons (15-30 weight%). The mixture of wax-containing refined oil and hydrogen are contacted with hydrogenation catalyst and hydrorefining catalyst, to obtain hydrogenated oil having sulfur content of 300 ppm or less, nitrogen content of 50 ppm or less, total aromatic hydrocarbon content of 20 weight% or less and viscosity index of 85 or more. Then, light components having final distillation point of less than 500 degrees C is removed from the hydrogenated oil, to obtain wax-containing hydrogenated oil having distillation value of 50% and improved viscosity index. The wax-containing hydrogenated oil is contacted with dewaxing solvent, and a portion of wax in the wax oil is removed. The mixture of resultant dewaxed oil and hydrogen is contacted with dewaxing catalyst and hydrorefining catalyst and stripped, to obtain bright stock having pour point of -10 degrees C or more and chroma of 1 or more. The macromolecular polycyclic aromatic hydrocarbon is polycyclic aromatic hydrocarbon having benzene ring index of more than 3.