A suspended-bed hydrogenation catalyst and a regeneration method are disclosed. A composite support comprises a semi-coke pore-expanding material, a molecular sieve and a spent catalytic cracking catalyst. The hydrogenation catalyst for heavy oil is obtained through mixing the semi-coke pore-expanding material, the molecular sieve and the spent catalytic cracking catalyst, followed by molding, calcining and activating, and then loading an active metal oxide to the composite support. According to the composite support, a macropore, mesopore and micropore uniformly-distributed structure is formed, so that full contact between all ingredients in the heavy oil and active ingredients in a hydrogenation process is facilitated, and the conversion ratio of the heavy oil is increased. The hydrogenation catalyst integrates adsorption, cracking and hydrogenation properties. According to a regeneration method, the loading performance of an active-metal-loaded support in a spent hydrogenation catalyst cannot be destroyed.