The comprehensive utilization of oil shale is a new promising technology achieving high utilization-factors for both oil shale’s chemical and energy potentials, and avoiding serious environmental impacts. For this technology, it is an urgent issue how to obtain shale oil with a high yield and as well as treat shale char efficiently and economically. In this present work, retorting experiments of three type I oil shales were performed using an aluminum retort, and the effect of retorting temperature, residence time, particle size and heating rate on the yield of shale oil was studied at low retorting temperatures ranging from 400℃to 520℃, respectively, at which shale char obtained has good combustion properties. The experimental data show that an increase in the retorting temperature, the residence time and the heating time has positive significant effect on improving the yield of shale oil, and a middle particle size is helpful for increasing the oil yield as well. The grey system method was applied to evaluate the effect of retorting factors on the yield of shale oil, showing that the retorting temperature is the most marked factor influencing the yield of shale oil.