Permeability is a crucial parameter for enhancing shale oil recovery through CO2 injection in oil-bearing shale. After CO2 is injected into the shale reservoir, CO2 corrosion and adsorption-induced strain can change the permeability of the oil shale, affecting the recovery of shale oil. This study aimed to explore the influence of CO2 corrosion and adsorption-induced strain on the permeability of oil shale. The deformation of the internal pore diameter of oil shale induced by CO2 corrosion under different pressures was measured by low-pressure nitrogen gas adsorption in the laboratory, and the corrosion model was fitted using the experimental data. Following the basic definitions of permeability and porosity, a dynamic mathematical model of porosity and permeability was obtained, and a fluid–solid coupling mathematical model of CO2-containing oil shale was established according to the basic theory of fluid–solid coupling. Then the effects of adsorption expansion strain and corrosion compression strain on permeability evolution were considered to improve the accuracy of the oil shale permeability model. The numerical simulation results showed that adsorption expansion strain, corrosion compression strain, and confining pressure are the important factors controlling the permeability evolution of oil shale. In addition, adsorption expansion strain and corrosion compression strain have different effects under different fluid pressures. In the low-pressure zone, the adsorption expansion strain decreases the permeability of oil shale with increasing pressure. In the high-pressure zone, the increase in pressure decreases the influence of expansion strain while permeability gradually recovers. The compressive strain increases slowly with increasing pressure in the low-pressure zone, slowly increasing oil shale permeability. However, in the high-pressure area, the increase in pressure gradually weakens the influence of corrosion compressive strain, and the permeability of oil shale gradually recovers.