For the exploration of shale oil, there is still an urgent need to relate hydrocarbon generation reactions and changing phase behavior to exact levels of thermal maturity. Six organic-rich shale samples from the Cretaceous Qingshankou Formation, Songliao Basin spanning the maturity range with vitrinite reflectance (Ro) 0.58%–1.16% were studied for petroleum generation characteristics using the PhaseKinetics, PhaseSnapshot, and GORFit approaches. All samples show very good petroleum potential and contain Type I kerogen with total organic carbon contents ranging between 1.5% and 5%. A full spectrum of light to heavy hydrocarbons, consistent with live oils, occurs in thermal extracts of all samples. Gas chromatography fingerprints of samples with Ro > 0.7% closely resemble waxy oils derived from lacustrine organic matter (OM); fingerprints of lower maturity samples are not yet as wax rich. The inferred petroleum type organofacies of all samples is paraffinic high wax with low organic sulfur levels. Hydrocarbon generation from the least mature sample is characterized by one dominant activation energy at 55 kcal/mol, accounting for 87% of the total bulk reaction. Assuming a simplified geological scenario, i.e., a 3 K/My linear heating rate, primary petroleum is generated (transformation ratio, i.e., TR: 10%–90%) over a narrow temperature interval of only 23 °C. Onset (10% TR), maximum (Tpeak), and completion (90% TR) temperatures and Ro values are 141 °C at Ro 0.85%, 155 °C at Ro 1.08%, and 164 °C at Ro 1.2%, respectively. Primary gas generation (148–172 °C) occurs 10 °C later (300 m deeper) than the generation of C6+ compounds (138–161 °C). Secondary gas formation from oil cracking begins at 182 °C, maximizes at 197 °C, and is completed well before 225 °C (beginning of late gas generation from the secondary cracking of thermally matured, macromolecular organic matter) at 206 °C. Thus, primary and secondary oil cracking processes do not overlap under geological conditions. In line with a paraffinic high-wax oil petroleum type organofacies, cumulative fluids generated from the least mature sample fall within the black oil class over most of the primary kerogen conversion range up to 90% TR as indicated by low saturation pressures (Psat) and gas-oil-ratios generally below 160 Sm3/Sm3. Maturation results in relatively heavy fluids with Psat values in the range 40–70 bar when the free hydrocarbons, i.e., already present prior to pyrolysis, are included, and in lighter fluids with Psat values in the range 70–90 bar, when the free, mostly waxy hydrocarbons, are excluded. Systematics of physical properties and fluid compositions evolution reproduce the general behavior of naturally occurring petroleum sourced from lacustrine OM very well and fit physical properties and compositions of produced shale oils in the Songliao Basin at comparable maturity levels.