Abstract: Based on the systematic study of the shale oil exploration and development and the operation of shale oil companies in the United States, the costs of shale oil are broken into mining right, well drilling, well completion, infrastructure and operation from the perspective of exploration and development process, and the composition and overall performance of every type of cost are analyzed. Taking the Bakken shale in ??the Williston Basin as a case, the estimated cost is around 50$/bbl. Then the continental shale oil resources and exploration and development progress in China are analyzed, and compared with the shale oil resources in the United States in terms of geological conditions. And finally, the investment and cost of yearly shale oil production of one million tons in China are estimated. The results show that shale oil resources are abundant in China, and are an important successor of conventional resources. Although shale oil has been produced, the cost is higher and commercial production has not yet achieved in China. The development experience of the United States shows that high cost is inevitable in early development. Technical advances and management innovation will reduce the cost and increase the production, and promote the exploration and development of shale oil to a new stage in China.