Based on the production curves, changes in hydrocarbon composition and quantities over time, and production systems from key trial production wells in lacustrine shale oil areas in China, fine fraction cutting experiments and molecular dynamics numerical simulations were conducted to investigate the effects of changes in shale oil composition on macroscopic fluidity. The concept of “component flow” for shale oil was proposed, and the formation mechanism and conditions of component flow were discussed. The research reveals findings in four aspects. First, a miscible state of light, medium and heavy hydrocarbons form within micropores/nanopores of underground shale according to similarity and intermiscibility principles, which make components with poor fluidity suspended as molecular aggregates in light and medium hydrocarbon solvents, such as heavy hydrocarbons, thereby decreasing shale oil viscosity and enhancing fluidity and outflows. Second, small-molecule aromatic hydrocarbons act as carriers for component flow, and the higher the content of gaseous and light hydrocarbons, the more conducive it is to inhibit the formation of larger aggregates of heavy components such as resin and asphalt, thus increasing their plastic deformation ability and bringing about better component flow efficiency. Third, higher formation temperatures reduce the viscosity of heavy hydrocarbon components, such as wax, thereby improving their fluidity. Fourth, preservation conditions, formation energy, and production system play important roles in controlling the content of light hydrocarbon components, outflow rate, and forming stable “component flow”, which are crucial factors for the optimal compatibility and maximum flow rate of multi-component hydrocarbons in shale oil. The component flow of underground shale oil is significant for improving single-well production and the cumulative ultimate recovery of shale oil.