The oil content of oil sands is an important factor in oil sand resource evaluation. In this study, we use spectral reflectance to study the oil content parameter. The spectrograph can be used to determine the target spectral reflectance directly, using a fiber-optic probe, without destroying samples or using chemical reagents, which has the advantage of quick measurement and analysis. This paper documents the acquisition of hyperspectral data in the range of 350–2500 nm through spectrometry of oil sand samples. We process the original reflectivity data using the first-order and second-order differentials and then calculate and analyze the correlation coefficient with reflectivity of oil sands and the first and second derivatives of reflectance. Based on the characteristics of the correlation coefficient graphs, we determine the wave bands sensitive to oil content and verify that using hyperspectral data in the study of oil content is feasible.