This study examines the geochemical and petrographic characteristics of seven bituminite shales from the Kapurdi mine in the Rajasthan, NW India, in order to assess their organic matter inputs and evaluate the oil-prone potentials. These bituminite shale samples exhibit high total organic carbon (TOC) content (up to 45.11 wt.%). The high TOC contents were correlated with low total sulfur content of less than 1 wt.% and suggest that these bituminite shales were deposited in a fresh lacustrine environment. The dominance of such lacustrine environmental setting was confirmed by the presence of the Botryococcus algae. The analyzed bituminite shales are characterized by a bimodal distribution of normal alkanes and relatively low isoprenoid Pr/Ph, Pr/n-C17 and Ph/n-C18 ratios. These characteristics suggest that these bituminite shales contain a blend of organic matter that was derived primarily from algal lacustrine and other aquatic organic matter, with terrigenous land plants and deposited under suboxic to anoxic environmental conditions. Such findings of the organic matter (OM) input and environmental conditions are consistent with mainly Types I and II kerogen and small amounts of Type II/III kerogen, thus yielding both oil and gas prone to higher concentrations of oil generation potential. The dominance of hydrogen-rich kerogen and oil generation potential is in agreement with the findings of high hydrogen index (HI = 240–425 mg HC/g TOC) and H/C atomic ratio of more than 1.20. The abundance of n-alkene and n-alkane doublets in the pyrolysis–gas chromatography (Py–GC) also indicates that these bituminite shales have potential to generate high concentrations of paraffinic waxy oil. Most of the maturity indicators show that the bituminite shales from the Kapurdi mine have not yet entered the main stage of oil generation window, exhibiting a range of immature stages. Therefore, as highlighted in this study, these bituminite shales can be considered as a good candidate for oil shale reoterting processes to release commercial amounts of oil upon using artificial heating techniques such as hydrothermal conversion.