Oil shale, a kind of energy source, is an important alternative to petroleum. Considering the Haishiwan mine of the Yaojie coalfield, China, as a typical study case, an exploitation and utilization system for oil shale was investigated. The system consists of oil shale mining and comprehensive utilization. Haishiwan oil shale has developed in a paragenetic relationship with humic coal in coal measure strata. Underground mining technology is applied to the oil shale seam. The exploitation and utilization system for Haishiwan oil shale has a great significance for two reasons. On the one hand, combined with gas drainage technology, the mining of the oil shale seam can eliminate the risk of coal and gas outburst from the underlying coal seam in a particular area and ensure the safe mining of the coal seam. Thus the economic value of this thin oil shale seam is improved. On the other hand, the mined oil shale can be fully made use of by a comprehensive utilization technology. The latter includes oil shale retorting, combustion of semicoke, fine oil shale and fuel gases for power generation, and utilization of ashes for production of composite cement and other building materials. The industrial chain for oil shale exploitation and utilization established in the Yaojie coalfield is highly significant for maximizing the utility of resources and reducing environmental pollution.