The characteristics and kinetics of the pyrolysis process and product generation from Jimsar oil shale were investigated using the thermogravimetry–Fourier transform infrared spectroscopy (TG-FTIR) coupling technique. The results showed that the pyrolysis of oil shale had different reaction mechanisms in different conversion rate ranges (αP = 0–0.2, 0.2–0.6, 0.6–1). The pyrolyzed heating rate mainly affected the reaction mechanism in the range αP = 0.6–1. The released gaseous products were mainly composed of small-molecule compounds (CO2, SO2, CO, CH4), aliphatic (–CH2, –CH3), aromatic (C=C), and O–H functional groups. The generation models of C=C, –CH2, –CH3, CH4, CO, and CO2 derived in the temperature range of 573.15–873.15 K are all chemical reaction models, while the generation models of CO and CO2 derived in the range of 873.15–1073.15 K are both diffusion models. The relative values and variation in the thermodynamic parameters corresponded with that of the activation energy for the evolved components, representing the energy requirement during the generation process.