Abstract: The development of global shale oil is an important reference to the development of shale oil in China. After systematically collecting data and researching, and analyzing the development history and key points of US shale oil, including the development process, how to reduce cost and increase production, technologies, development models, economics, and supporting policies, it is found that the development model of shale oil is different from conventional energy, and it is more dependent on technological progress, cost reduction and financial support, and similar to new energy development models to some extent, so development in the stage early needs more supports. The explosive increase of shale oil in the United States is driven by breakthroughs in geological theory and advances in development technologies. The most important is the rapid reduction of the cost for developing shale oil. This not only thanks to technological advances, but also is the result of innovative business models. The global shale oil resources are abundant, and many countries and regions, such as North America, Argentina, Russia, and China, all had good start. In the future, global shale oil production will continue to grow and is expected to exceed 1000×104bbl/d after 2025. According to the characteristics of shale oil in China, shale oil would be strategic successive resources in China. To increase investment in science and technology research and development, give supporting policies, and create favorable conditions to attract more investment will ensure the large-scale development of shale oil during the 14th Five-Year Plan.