The Qingcheng oilfield, the largest shale oil field in China, was discovered in 2019 in source rock of Chang 7 Member of Mesozoic Yanchang Formation, Changqing Oilfield in Ordos Basin, with newly increased proven geological reserves of 358 million tons, predicted geological reserves of 693 million tons, and a total of 1.051 billion tons of shale oil resources. This achieves a historic breakthrough in exploration of shale oil in Chang 7 Member. In recent years, focusing on key issues, such as whether there develop sweet spots in source rock, whether commercial oil production capacity can be formed, and whether scale-effective development can be achieved, studies about geological conditions for shale oil accumulation have been continuously carried out, key supporting technologies have been developed, and a series of theoretical innovations and technological breakthroughs have been achieved in oil exploration in source rocks. The results indicate that shale oil accumulation in Chang 7 Member is controlled by following factors. Firstly, lacustrine black shale, dark mudstone and other high-quality source rocks lay a material foundation for shale oil formation. Secondly, sandy deposits intercalated within black shale and dark mudstones are exploration sweet spots, and sandbody combination types are controlled by morphology of bottom of the lacustrine basin. Thirdly, reservoir properties are good due to development of micro-nano pore throats. Finally, reservoirs with high oil saturation and high gas-oil ratio are formed due to high-intensity oil charging in source rock. Effective matching of multiple factors is a key for shale oil accumulation in Chang 7 Member in Ordos Basin. Through innovation of key supporting technologies, exploration and development technologies for shale oil are developed, and substantial breakthrough on exploration and development of shale oil is realized. The first application of logging-seismic combination technology in loess plateau improves significantly quality of 3D seismic data, which effectively guides prediction of sandy sweet spots. Three-quality well logging technology is used for further evaluation of geological and engineering sweet spots of shale oil. With volumetric fracturing technology based on precise segmentation of long horizontal wells, initial daily oil production of individual well is increased from previously 10 tons to more than 18 tons. The exploration breakthrough in source rocks in Chang 7 Member in Qingcheng oilfield provides an important resource base for the second accelerated development of Changqing Oilfield. It is predicated that oil production from shale in Chang 7 Member in Qingcheng oilfield will reach three million tons in 2022 and five million tons in 2025.