An oil shale exploitation method comprises: forming a gas inlet pipeline (1) and a gas outlet pipeline (3) in an oil shale; forming a gasification channel (5) that connects the gas inlet pipeline and the gas outlet pipeline in the oil shale; feeding combustible gas and oxygen into the well through different gas inlet pipelines, and then igniting, in an aerobic environment, the combustible gas fed into the well at the lower opening of the pipeline for conveying the combustible gas, so as to heat the oil shale; and recycling through the gas outlet pipeline an oil-gas mixed product formed after thermal decomposition of kerogen in the oil shale.