In this work, the kinetic and thermodynamic parameters of mixed oil during the process of thermal conversion are analyzed using a kinetic model and thermodynamic calculations combined with thermogravimetric analysis. On the basis of the Flynn-Wall-Ozawa kinetic model, the calculated activation energies change in the reaction progress of mixed oil. Additionally, the thermal conversion process can be divided into three stages. The reaction mechanism is the exponential law mode in the first phase, and the latter two stages belong to the random nucleation and subsequent growth model, but they have completely different ways of nucleation and crystal growth. During the whole thermal conversion of mixed oil, △H ≠ > 0, and it does not show that the thermal conversion of mixed oil is a completely endothermic process; △G ≠ > 0 and represents a nonspontaneous reaction; and the change of the △S ≠ value is the most complicated.