Abstract For exploring and optimizing the oil shale fluidized bed retort with fine oil-shale ash as a solid heat carrier, retorting experiments of oil shale and fine oil-shale ash mixtures were conducted in a lab-scale retorting reactor to investigate the effects of fine oil-shale ash on shale oil. Oil shale samples were obtained from Dachengzi Mine, China, and mixed with fine oil-shale ash in the ash/shale mass ratios of 0:1, 1:4, 1:2, 1:1, 2:1 and 4:1. The experimental retorting temperature was enhanced from room temperature to 520 °C and the average heating rate was 12 °C min −1 . It was found that, with the increase of the oil-shale ash fraction, the shale oil yield first increased and then decreased obviously, whereas the gas yield appeared conversely. Shale oil was analyzed for the elemental analysis, presenting its atomic H/C ratio of 1.78–1.87. Further, extraction and simulated distillation of shale oil were also conducted to explore the quality of shale oil. As a result, the ash/shale mixing mass ratio of 1:2 was recommended only for the consideration of increasing the yield and quality of shale oil.