Dachengzi oil shale samples were retorted over Fe2O3 and CaCO3 in a small reactor to evaluate their catalytic effects on oil yield and quality. The results indicated two catalysts enhanced kerogen reactivity and secondary reactions of pyrolysis products, which slightly improved the shale oil yield but significantly upgraded pyrolysis volatiles. Adding catalysts facilitated the cracking reactions of heteroatomic compounds, increased the selectivity of aromatic hydrocarbons and promoted olefin aromatization. Fe2O3 produced shale oil with lower 1-olefins, aromatics, N and S contents, which more obviously catalyzed kerogen decomposition to improve the heavy fractions and asphaltenes. The total n-paraffins content was about twice that of total 1-olefins in the derived shale oils which mainly contained bicyclic and tricyclic aromatic compounds. Using catalysts increased the total n-paraffins content and PACs with high ring numbers. Catalytic cracking of naphthalenes more easily occurred over Fe2O3. Fe2O3 was more favorable to obtain high shale oil yield and quality than CaCO3.