In this study, conversion of Goynuk oil shale to liquid products was investigated. In the first part of the study, pyrolysis of organic compounds called kerogen, which is the majority of organic material in oil shale, was performed and amounts of residue char tar water and gas were determined. After that, oil shale samples were extracted by toluene in an Autoclave and an amount of liquid products obtained by extraction and by pyrolysis was compared with each other In addition asphaltene, oil, residue char and gas yields in the tar and the optimum conditions at which the maximum Yields are obtained were determined. In the pyrolysis experiments, the effects of temperature on residue chai; tar gas and water were investigated. In conclusion, supercritical extraction is a more available method than pyrolysis in conversion of Goynuk oil shale to liquid products.