An apparatus and a method are disclosed with which deteriorated edible oil is regenerated into fresher oil by lowering its oxidation degree. The apparatus comprises an air processor unit comprising a first air flow path configured to have an inlet and an outlet and allow air to pass between magnets positioned in close vicinity with their opposite magnetic poles facing each other, and a second air flow path connected to the outlet of the first air flow path and provided with a far-infrared ray emitter member therein; a pump for pressure feeding air to the inlet to the first flow path of the air processor unit; a length of tubing which is connected to the outlet of the second air flow path of the air processor unit, and one or more air spewing holes provided at the tip of the length of tubing. And the method of the invention comprises bringing the air from the apparatus into contact with the deteriorated oil to be treated.