The present invention provides a heavy oil processing method. According to the method, a fresh feed material and coking heavy oil are mixed in a fractionation tower, then enter a convection section of a heating furnace from the bottom of the fractionation tower so as to be heated, and then enter a slight thermal cracking reactor for reaction; the material discharged from the reactor returns back to a radiation section of a coking heating furnace; the material heated by the radiation section of the heating furnace is divided into two paths which enter a coke tower respectively from the upper portion (including the top portion) and the bottom portion of the coke tower for deep thermal reaction; oil gas generated from the reaction leaves from the top portion of the coke tower and enters a coking fractionation tower for fractionation; the coking heavy oil after fractionation is adopted as circulation oil and is mixed with the fresh feed material; and the obtained mixed material is discharged out of the coke tower and enters the heating furnace for continuous reaction. With such a method, the yields of dry gas and coke can be reduced; the liquid product yield can be improved; the coking of a heating furnace pipe can be slowed down; and the operation period of a coking device can be prolonged and delayed.