The features of hydroconversion of the organic matter of oil sludge have been analyzed by means of chemical thermodynamics and quantum chemistry using as an example the conversion of model organic compounds (aromatic structures, their alkylated and hydrogenated derivatives) in different media. The kinetic characteristics of hydrogenation and hydrogenolysis of the oil sludge have been analyzed in the fractionated feedstock model presented as four pseudocomponents. A scheme of sequential transformations of each of the pseudocomponents with effective rate constants is proposed, in which the rate constant values have been determined from the results of hydroconversion of oil products in a pilot flow reactor unit.