Shale oil yield, movability, and reservoir brittleness are three factors that must be focused on for shale oil exploration and development. The yield and composition of hydrocarbons and mineral composition have changed significantly during diagenesis, affecting the yield and movability of shale oil and the brittleness of the rock. In this study, the source rocks at different depths in the Dongying Sag were subjected to hydrous pyrolysis, and the yield and composition of pyrolyzed hydrocarbons and mineral composition were systematically analyzed. The brittleness index (BEI), weighted average specific surface area (SSAWA), and polarity index (PI) have been established to quantitatively characterize the brittleness and adsorption capacity of rock as well as the mobility of shale oil. The results suggest that diagenetic evolution controls rocks’ brittleness and adsorption capacity by changing their mineral composition. In the low-temperature stage, the mineral transformation is not obvious, and the BEI and SSAWA fluctuate in a small range. In the high-temperature stage, the rapid smectite illitization leads to an increase in the brittleness and a decrease in the adsorption capacity. In addition, the nonpolar components such as saturates and aromatics in the pyrolyzed hydrocarbons gradually increased with the increasing temperature, enhancing the mobility of the shale oil. Based on the three evaluation indexes of BEI, PI, and SSAWA, and combined with the changes in hydrocarbon yields during hydrous pyrolysis, we comparatively analyzed the differences in the mobility and yields of original soluble organic matter as well as pyrolyzed hydrocarbons of the source rocks at different depths. Based on the above results, it can be concluded that the shale in the depth range of 3300–3795 m is a favorable area for shale oil exploration and development in the study area. This work suggests that predicting the sweet spot for shale oil exploration and development requires more attention to the impact of diagenetic evolution on the composition of minerals and hydrocarbons.