Exploring the adaptability of CO2 and water-based fracturing to shale oil reservoirs is important for efficiently developing shale oil reservoirs. This study conducted fracturing experiments and acoustic emission (AE) monitoring on the Jurassic continental shale. Based on high-precision computed tomography scanning technology, digital reconstruction analysis of fracture morphology was carried out to quantitatively evaluate the complexity of fractures and the stimulation reservoir volume (SRV). The results show that the fracturing ability of a single water-based fracturing fluid is limited. Low-viscosity fracturing fluid tends to activate thin layers and has limited fracture height. High-viscosity fracturing fluid tends to result in a wide and simple fracture. A combination injection of low-viscosity and high-viscosity water-based fracturing fluid can comprehensively utilize the advantages of low-viscosity and high-viscosity fracturing fluids, effectively improving the complexity of fractures. CO2 fracturing is adaptable to Jurassic shale. The breakdown pressure of the supercritical CO2 (SC-CO2) fracturing is low. Branch fractures form, and laminas activate during SC-CO2 fracturing due to its high diffusivity. Under high-temperature and high-pressure conditions, the aqueous solution formed by mixing CO2 with water can promote the formation of complex fractures. Compared with water-based fracturing fluid, the complexity of fractures and effective stimulation reservoir volume (ESRV) increased by 8.7% and 47.6%, respectively. There is a high correlation between SRV and ESRV, and the proportion of AE shear activity is also highly correlated with the complexity of fractures. The results are expected to provide better fracturing schemes and effectiveness for continental shale oil reservoirs.