Abstract: The Dagang oilfield has been explored and developed for more than 50 years. Now, it is confronted with some outstanding problems, such as downsizing conventional reserves and rapid production decline. In this regard, Dagang oilfield has begun to target the reservoirs with great resource potential, with the support of innovative concept, theory, technologies and management. First, Dagang oilfield innovatively proposes a concept of “intra-source hydrocarbon accumulation” to access to the continental shale oil in the Cangdong sag. Second, Dagang oilfield innovatively puts forward the enrichment theory of “dominant petrofabricfacies–retaining hydrocarbon transcendence effect”, thus identifying the enrichment mechanism of continental shale oil. Third, Dagang oilfield innovatively develops a series of technologies for sweet spot identification and evaluation, horizontal well drilling acceleration, and subdivided volume fracturing, which allow the high and stable production of horizontal shale oil wells. Fourth, Dagang oilfield achieves innovative management by adopting the economic benefit anti-driving mechanism, leading to sharp reduction of total cost. The industrial development of continental shale oil in the second member of Kongdian Formation (Kong-2 Member) in Cangdong sag heads the shale oil industry and provides a reference for China’s shale oil revolution.