The pyrolysis process of oil shale is significantly affected by atmospheric conditions. In this paper, the pyrolysis experiments of oil shale under non-isothermal conditions are carried out using nitrogen and carbon dioxide as heat-carrying fluids. The results show that the activation energy of the second stage of oil shale pyrolysis under carbon dioxide is less than that under nitrogen. The thermodynamic analysis of the second stage of oil shale pyrolysis shows that Gibbs free energy, activation enthalpy and activation entropy are higher under carbon dioxide than those under nitrogen, which obeys the law of carbon dioxide promoting oil shale pyrolysis. In addition, the volatile release characteristics of oil shale in the second stage of pyrolysis were analyzed, which proves that the volatile release characteristics of oil shale under carbon dioxide are higher than that under nitrogen. Therefore, carbon dioxide is helpful to promote the pyrolysis of oil shale and increases the release of volatile substances during pyrolysis.