Shale oil is liquid hydrocarbon reserved in effective argillaceous source rocks with free phase, adsorbed and dissolved phase. Recent years, America has achieved great success in commercial shale oil production, whereas shale oil research in China is still in its infancy with more related theory innovations. Based on shale oil characteristics and experience of American shale oil exploration and development, this paper analyzed and summarized the research progress and some significant cognition in shale oil forming conditions, reservoir features, accumulation mechanism and evaluation method at home and abroad. The systematical comparison of shale oil characteristics between China and America shows that Chinese shale oil mainly deposited in semi-deep and deep lacustrine, and black shale spreads widely, featured by great thickness, complex structures with frequent sandy interbedding. Preferable shale rich in organic matter usually coexists with other lithologies in laminated texture, and the kerogen type of organic matter is predominantly sapropelic with Ro of 0.5%~1.2% and TOC more than 2.0%. Relative high content of fine-grained carbonate and clay exceeding 50% results in a poor reserving capacity. Hydrocarbon-generation condition and reserving capacity significantly control lacustrine shale oil accumulation, simultaneously with additional preserving conditions taken into account in strong tectonic activity areas, such as in the rifted basins. Mixed-type and fractured-type shale oil overall have a huge exploration potential, and the matrix-type follows. In order to promote shale oil research and realize shale oil production earlier in China, the fundamental researches should be on the basis of theories study, and prominently focus on hydrocarbon occurrence, micro pore structure, retained oil accumulation mechanism, structurepreserving condition, evaluation system and resource evaluation method. The purpose of these studies is to provide theoretical guidance for the high efficient exploitation of shale oil in China.