Oil shale is a kind of non-traditional primary energy with organic matter structure similar to that of coal. High mineral content in oil shale is one of the main reasons why it can not be used efficiently. As a new method of heat treatment, supercritical liquefaction is widely used in the research of coal and biomass utilization and structure, but it is less utilized in oil shale. Fushun oil shale was treated by HCl and HF acid elution to obtain demineralized oil shale.Supercritical liquefaction experiments of crude oil shale and demineralized oil shale were carried out in a high temperature and high pressure batch reactor with ethanol as solvent to explore the effects of internal carbonate and silicate on the characteristics of liquefaction products. XRF and XRD results show that the minerals in Fushun oil shale are mainly silica-aluminates. The increase of liquefaction temperature has a promoting effect on the shale oil yield. At 360 ℃, the yields of shale oil prepared by the original sample and demineralized oil shale reaches the highest value. The yields of shale oil from original sample, decarbonate sample and desilicate sample are 53.8%, 56.9% and 42.8% at 360 ℃, respectively, which are increased by 33.4%, 37.8% and 29.3% than those of 300 ℃. Alkali metal and alkaline earth metal cations in carbonate inhibit the formation of alkanes. Silicate promotes the formation of low carbon number hydrocarbon through acid sites. Carbonate promotes the formation of ethyl fatty acid, whereas silicate has the opposite effect. The oxygen-containing weak bond and C—C bond of fat structure are broken during supercritical liquefaction. These two types of broken bonds form small molecules as organic sources of shale oil.