In some cases, the oil shale deposited in shallow lakes may be genetically associated with the coal-bearing successions. Although paleovegetation is an important controlling factor for the formation of oil shale- and coal-bearing successions, few studies have focused on their joint characterization. In this study, a total of twenty-one oil shale and coal samples were collected from the upper member of the Lower Cretaceous Muling Formation (K1ml2) in the Laoheishan Basin, and investigated for their bulk geochemical, maceral, palynological, and terpenoid biomarker characteristics, in order to reconstruct the paleovegetation and reveal its influence on the formation of oil shale and coal. The K1ml2 is subdivided into lower, middle, and upper units. The studied oil shale samples from the lower and upper units display a high ash yield (Ad), low total organic carbon (TOC) and sulfur (S) contents, and limited hydrocarbon generation potential. The studied coal samples from the middle unit are characterized by low Ad, and high TOC and low S values, and show significant hydrocarbon generation potential. The paleovegetation during the formation of the lower unit was dominated by mire vegetation, such as shrubs (e.g., Lygodiaceae, Schizaeaceae), tree ferns (e.g., Dicksoniaceae/Cyatheaceae), and coniferous trees (e.g., Podocarpaceae). In the middle unit interval, the paleovegetation was represented by highland vegetation (Pinaceae and Araucariaceae) and peat-forming coniferous plants (e.g., Podocarpaceae, Cupressaceae/Taxodiaceae). Various vegetation, such as herbs (e.g., Osmundaceae), shrubs (e.g., Schizaeaceae), and coniferous trees (e.g., Podocarpaceae) was prosperous during the upper unit interval. Coniferous trees could provide abundant hydrogen-rich materials (e.g., resins) to the mire/lake, which may elevate the hydrogen content in peat/lake sediments, and finally result in higher hydrocarbon generation potential in the coal than in the oil shale. Therefore, the influence of paleovegetation on the formation of oil shale and coal should be fully considered when studying oil shale- and coal-bearing successions. The results also provide guidance for further exploration studies on oil shale and coal in northeast China.