Shale oil reservoirs, characterized by a low porosity, complex mineral composition, and heterogeneity of organic matter distribution, are common unconventional oil and gas reservoirs. Nuclear magnetic resonance (NMR) methods have great potential for the evaluation of petrophysical parameters in porous rocks. However, it is challenging to characterize the petrophysical properties of shale oil due to the complex mineral composition and heterogeneity of organic matter distribution. In this paper, a new NMR relaxation theory for shale was proposed for the first time, and the frequency dependencies of transverse surface relaxivity and internal magnetic field gradient for pore fluids were presented. The accuracy was verified by the extraction experiments, gas chromatography experiments, and multi-frequency NMR experiments for the first time. These experiments were also utilized to determine the transverse surface relaxivity and the transverse bulk relaxation time. Subsequently, the effects of the pyrite and clay minerals on shale oil T2 distributions at different instrument frequencies were analyzed with random walk simulations based on digital core technology for the first time. The results show the echo spacing, instrument frequency, pyrite content, and clay minerals are important parameters affecting the NMR response. Compared with the oil in organic pore, these factors have a greater impact on the NMR response characteristics for water in inorganic pore. When the content of pyrite is 5.3 % and the echo spacing is 0.2 ms, the numerical simulation results show that the NMR porosity of water in inorganic pore is 65.3 %, 12.3 %, and 1.6 % of the real porosity at the instrument frequencies (IF) of 2 MHz, 21.36 MHz, and 200 MHz, respectively. When chlorite with high magnetic susceptibility exists near the formation pores, it can also affect the NMR response of shale oil. The results show the effects of these factors on porosity and T2ML are non-negligible. The cross-plots of petrophysical parameters correction from shale oil T2 distributions were established for the first time. This work provides a theoretical guide for the NMR-based shale oil evaluation, which may be helpful for petrophysical parameter conversion between downhole and laboratory NMR instruments.