In this paper, an investigation of the property of blended fuel oil, combustion characteristics and engine performance was made, in case blended fuel oil(light oil+heavy oil) was used in a home-made precombustion diesel engine for small-sized fishing boat. The results may be summarized as follows: 1. The specific gravity was linearly increased in accordance with the increase in heavy oil ratio in blended fuel oil, and the relationship between viscosity and temperature was coincided with the formula of Walther-ASTM, and the CCAI, the ignition quality index, was increased nearly as a straight line of the gradient 1.0. 2. The ignition delay was slightly increased below 810 of CCAI(blending ratio to be 60% of heavy oil), but remarkably increased above 810 of CCAI. Therefore, it was considered that the practicable value of CCAI, ignition quality of blended fuel oil, was more than 810. 3. The maximum combustion pressure was increased until blending ratio of heavy oil was raised up to 40%. On the contrary, it came to be decreased at that ratio, with smoke emissions remarkably increasing above 60%. Therefore, it was found in this experiment that the best practicable limit of heavy oil blending ratio was around 50% for saving fuel costs with least smoke emissions.