Is there a way to restore an old leather jacket?

I would try using a good cleaner, conditioning oil first. You can use the oil, sparingly, that they sell in sports dept for new ballgloves. It is wonderful for leather and was specifically made for leather. It will also darken, and since your coat is black it will not hurt it. It would not be good to use on tan or camel colored leather coat, but great for the black. Rub it in very very good, and let coat hang in open for a few days for it to absorb. If that doesn't take care of coloration, then yes, you can take to a professional leather cleaner and they can de for you, but that can be expensive. I would try the leather oil first. Good Luck!!

You may want to leave it like it is. It is that way because it was worn often. The sentimental value of the look of the leater will be worth far more than having it restored. That said you will need to contact a professional leather worker and ask them. It may have to be done for you by a pro if you really insist on it being done. Trying to do something with it yourself could quickly become disastrous!

It can possibly be done by a cleaners. I once worked at a dry cleaners and we did leather work. Some of it we would have to send to an expert in leather repair. It can be expensive to have it done unless it's not too bad. At any rate it would be less expensive to have it done at your local cleaners rather than try to do it yourself.