In this study, two shale samples with different maturities, from Geniai, Lithuania (Ro = 0.7%), and Wenjiaba, China (Ro = 2.7%), were selected for open-system pyrolysis experiments at 400 °C and 500 °C, respectively. The generation of isotopic gases from the shales with different maturities was investigated, and the effects of pyrite catalysis on the carbon isotopic compositions were also studied. It was found that CO2, CH4 and their isotopic gases were the main gaseous products of the pyrolysis of both shales, and more hydrocarbon gases were generated from the low-maturity Geniai shale. The δ13C1 values fluctuated from −40‰ to −38‰, and δ13C2 showed higher values (−38‰~−34‰) for the Geniai shale. In addition, its δ13CCO2 values ranged from −28‰ to −26‰. Compared with the Geniai shale, lower δ13C1 values (−43‰~−42‰) and higher δ13CCO2 values (−19‰~−14‰) were detected for the Wenjiaba shale. As temperature increased, CH4 became isotopically lighter and C2H6 became isotopically heavier, which changes were due to the mass-induced different reaction rates of 12C and 13C radicals. Furthermore, the pyrite made the kinetic isotope effect stronger and thus made the CH4 isotopically lighter for both shales, especially at the lower temperature of 400 °C.