Due to an increasing energy demand and the depletion of conventional oil, there is ever increasing demand for unconventional shale oil and gas resources. As the most hydrocarbon-rich sag in the Junggar Basin, the development prospects for shale oil in the Mahu Sag have become a focus of research. However, so far, there have been few studies of the oil-bearing properties of shale and shale oil mobility in the sag. This paper redresses this using a range of methods, such as pyrolysis and multi-temperature step pyrolysis. The results show that the Fengcheng Formation shales are generally good quality source rocks. The main body of the shale is low mature-mature, and the type of organic matter is mostly Type II kerogen. In the depth intervals at 4616.45~4640.30 m, 4661.25~4695.20 m, 4728.30~4759.80 m, 4787.60~4812.30 m, and 4876.70~4940.25 m, the oil-bearing properties of the shale and shale oil mobility are good, with an average
S
1
of more than 1.5 mg/g, OSI of more than 100 mg/g.TOC-1, a ratio of free/adsorbed oil (
S
1
−
1
+
S
1
−
2
/
S
2
−
1
) of more than 3, and a ratio of free/total oil (
S
1
−
1
+
S
1
−
2
/
S
1
−
1
+
S
1
−
2
+
S
2
−
1
) of more than 80%. The second member (P1f2) and the lower part of the first member (P1f1) of the formation offer the most promising commercial prospects. Shale oil mobility in the formation is greatly affected by the abundance of organic matter. The higher the
TOC
value, the greater the hydrocarbon generation capacity, and the better its adsorption capability in the shale. The Fengcheng Formation shale is mature, and shale oil mobility is good. Impacted by the main reservoir space, the felsic shale in the formation has optimal shale oil mobility, with the shale oil being characterized by self-generation and self-storage, and accumulation in adjacent layers.