Oil-bearing evaluation is the key issue of shale oil geologic exploration, which affects the mobility and effective development of the remaining oil in the shale system. To study the oil content and its controlling factors of shale in Chang 7 member of the Yanchang Formation in the Ordos Basin, we take the core of well H317 as the main research object, analyze the oil-bearing characteristics of shale by conventional rock pyrolysis and multistep pyrolysis experimental methods, and analyze the change characteristics of the elements by handheld X-ray fluorescence. The results indicate that the organic heterogeneity of Chang 7 shale in well H317 is obvious. It can be divided into upper shale and lower shale with 2467 m as the boundary. The upper shale has low total organic carbon (TOC), poor kerogen type, and slightly low oil content, but strong mobility. The lower shale has high TOC, good kerogen type, and good oil content, but poor mobility. The content and type of organic carbon in shale have obvious control effect on oil bearing and mobility. Differences in paleosedimentary environment control the formation of original sedimentary organic matter. During the lower shale deposition period, the climate was humid and the terrigenous input was relatively weak, high paleoproductivity and strong reducing water effectively preserved the original sedimentary organic matter, and finally formed an organic-rich interval with high TOC. Early diagenesis further altered the abundance and type of original organic matter.