The invention discloses an oil shale liquefaction method, which belongs to the field of petrochemical industry. The method comprises the following steps: performing stirring, dissolving, gas replacing, heating reaction, cooling, gas collecting, washing and filtering, thus obtaining a liquid product and solids, vaporizing the liquid product in a constant-temperature rotating evaporator, removing a solvent ethanol to obtain oil shale, and finally drying the separated solid at a constant temperature to obtain residues. The oil shale liquefaction method has the advantages that oil shale is adopted as a raw material to prepare shale oil, so that relevant problems caused by increasing shortage of fossil energy and the utilization of the fossil energy can be alleviated; the oil shale resource is large in reserves, so that the mass development and application can be facilitated; and the drying pretreatment for the oil shale is not needed, so that the energy consumption and investment cost in the reaction process are reduced, the energy utilization rate is high, the reaction product is easy to separate, the industrialized application is facilitated, both produced gas and solid byproducts can be collected and reutilized, and energy conservation and environmental protection are achieved.