The clay mineral content of Daqing Gulong shale is in the range of about 35%–45%, with particle sizes less than 0.0039 mm. The horizontal fluidity of oil in Gulong shale is poor, with near-zero vertical flowability. As a result, Gulong shale has been considered to lack commercial value. In recent years, however, interdisciplinary research in geoscience, percolation mechanics, thermodynamics, and surface mechanics has demonstrated that Gulong shale oil has a high degree of maturity and a high residual hydrocarbon content. The expulsion efficiency of Gulong shale in the high mature stage is 32%–48%. Favorable storage spaces in Gulong shale include connecting pores and lamellar fractures developed between and within organic matter and clay mineral complexes. The shale oil mainly occurs in micro- and nano-pores, bedding fractures, and lamellar fractures, with a high gas–oil ratio and medium–high movable oil saturation. Gulong shale has the characteristics of high hardness, a high elastic modulus, and high fracture toughness. This study achieves breakthroughs in the exploration and development of Gulong shale, including the theories of hydrocarbon generation and accumulation, the technologies of mobility and fracturing, and recoverability. It confirms the major transition of Gulong shale from oil generation to oil production, which has extremely significant scientific value and application potential for China’s petroleum industry.