Abstract: In Jiyang Depression, the organic rich and carbonate rich shale of semi deep-deep lake facies is developed of the Cenozoic salinized continental fault rift basin, and the shale oil is featured by medium-low and medium-high maturity, with high abundance and great resource potential, which is different from that in North American marine basins and other continental basins in China. Looking back to the shale oil exploration history for 50 years in Jiyang Depression, it can be divided into three stages, i.e., accidental discovery, active exploration and innovation breakthrough. At present, strategic achievements of multiple series and multiple types shale oil have been made in medium-maturity carbonate-rich lamina matrix type and high-maturity carbonate-rich lamina-thin layer matrix type shale in the upper part of the fourth member of Shahejie Formation in Dongying Sag and the lower part of the third member of Shahejie Formation in Zhanhua Sag, as well as major progress in low-maturity carbonate-rich lamina matrix type shale. More than 10 years’ study and exploration practice have enabled to establish the lithofacies division scheme of shale in Jiyang Depression, obtain the innovative understanding of reservoir performance, oil bearing, oil mobility and fracability of organic shale, establish a geological evaluation system including 20 parameters with the core of “four properties”,develop the supporting geological, engineering and geophysical prediction, drilling engineering and fracturing technologies, and form the integrated operation and management mode adapted to geological characteristics of Jiyang Depression, which has effectively guided shale oil exploration practice in Jiyang Depression.