To relieve the shortage of oil, exploration of oil shale attracts increasingly attention from different countries, especially in China. Facing with the disadvantages of conventional oil shale retorting technology, more and more attention has been paid to the comprehensive utilization of oil shale for utilizing oil shale efficiently and in an environment-friendly manner. However, there are few systematic studies on comprehensive utilization of oil shale. Thus, this paper is focused on establishing the complete mathematical model of an oil shale comprehensive utilization process with solid heat carrier technology (OSCU-SHC). Moreover, its techno-economic performance is analyzed and compared to a conventional oil shale retorting process with solid heat carrier (OSR-SHC). Several key parameters are investigated and optimized during the simulation process. For example, the optimal retorting temperature is set to 500 °C. The comparison results show that the OSCU-SHC process has better techno-economic performance since it increases the exergy efficiency by 9.26%, total income by 29.02%, and return on investment by 4.85%. Keywords: Oil shale, Retorting, Comprehensive utilization, Process modeling, Techno-economic analysis