The solid heat carrier moving bed with internals is an advanced oil shale retorting technology. However, the retorting gas produced by pyrolysis is generally used as fuel gas. The content of CO, H2, and CH4 in the retorting gas is high, and direct combustion leads to resource waste and environmental pollution. In addition, heteroatomic sulfur and nitrogen, as well as unsaturated hydrocarbons, reduce the quality of shale oil. To solve these problems, this paper proposed a chemical looping enhanced oil shale-to-liquid fuels (CLeSTL) process. The chemical looping hydrogen production technology is applied to convert retorting gas to hydrogen, and the hydrogen produced is used for shale oil hydrogenation to improve the oil quality. In this paper, the new process is modeled and simulated; then technoeconomic analysis is carried out. Technical analysis shows that shale oil yield is increased from 65% to 95.7% and the yield of light fraction is increased from 20% to 64%–83%. Economic analysis shows that the CLeSTL process with ligh fraction hydrogenation has the highest investment profit rate and large profit space. In addition, when the oil price is lower than 50 USD/bbl, the investment profit is 5%, which shows strong anti-risk ability.