In this study, traditional strongly endothermic anaerobic retorting (AR) and relatively novel self‐heating retorting (SHR) processes for oil shale (OS) were investigated and compared in detail. These studies mainly involve the structural and quantitative evolution of organic matters in OS during retorting, including varieties of crystallite parameters, carbon framework structure, amounts of various structural carbons and toxic polycyclic aromatic hydrocarbons, and so on. The obtained results well elucidate some reaction pathways in AR and SHR as well as certain differences between the two retorting processes. Moreover, based on our former work that verifies SHR greatly simplifies retorting operation by in situ generating heat to replace external heat carrier/provision, this study further demonstrates that SHR also alleviates the environmental effect of organic toxic residues as compared to AR. The present study provides some critical results not only for penetrating the reaction mechanism but also for assessing or controlling the environmental impact of both retorting processes.