Oil shale (OS) is a particularly promising alternative fossil fuel source. However, very different from coal, its inorganic mineral content is very high. The organic matters (mainly kerogen) are finely distributed in the inorganic minerals. Therefore, the minerals may affect the processing of OS, whose elucidation is critical to the choice of processing conditions. In this work, different minerals (SiO2, CaCO3, and Al2O3) were added to OS with different mass ratios of OS to mineral, respectively. Then, the thermogravimetric (TG) technique was employed to analyze the reaction behavior of these different OS/mineral mixtures in N-2 and in air for studying the influence of minerals on the OS pyrolysis in N-2 (i.e., retorting) and on the OS combustion in air. The results show that CaCO3 and Al2O3 have a promoting effect on both pyrolysis and combustion of OS, and they can decrease the reaction activation energy of both kinds of processes. However, SiO2 has an inhibitive effect and can increase the reaction activation energy for both kinds of processes. It is hoped that the present study can further increase the understanding toward the effect of different minerals on the OS reactions.