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In situ mining is a practical and feasible technology for extracting oil shale. However, the extracted oil shale is subject to formation stress. This study systematically investigates the pyrolysis–mechanics–seepage problems of oil shale exploitation, which are subject to thermomechanical coupling using a thermal simulation experimental device representing a closed system, high-temperature rock mechanics testing system, and high-temperature triaxial permeability testing device. The results reveal the following. (i) The yield of gaseous hydrocarbon in the closed system increases throughout the pyrolysis reaction. Due to secondary cracking, the production of light and heavy hydrocarbon components first increases, and then decreases during the pyrolysis reaction. The parallel first-order reaction kinetic model shows a good fit with the pyrolysis and hydrocarbon generation processes of oil shale. With increasing temperature, the hydrocarbon generation conversion rate gradually increases, and the uniaxial compressive strength of oil shale was found to initially decrease and then increase. The compressive strength was the lowest at 400 °C, and the conversion rate of hydrocarbon formation gradually increased. The transformation of kaolinite into metakaolinite at high temperatures is the primary reason for the increase in compressive strength of oil shale at 400–600 °C. (ii) When the temperature is between 20 and 400 °C, the magnitude of oil shale permeability under stress is small (~10−2 md). When the temperature exceeds 400 °C, the permeability of the oil shale is large, and it decreases approximately linearly with increasing pore pressure, which is attributed to the joint action of the gas slippage effect, adsorption effect, and effective stress. The results of this research provide a basis for high efficiency in situ exploitation of oil shale. [ABSTRACT FROM AUTHOR]