Reservoir stimulation is crucial for in-situ exploitation, it can promote a fracture network and increase the heat transfer area. Therefore, it directly affects heat injection and products transportation efficiencies. Conventional reservoir stimulation techniques, such as hydraulic fracturing are widely used. However, hydraulic fracturing in a vertical well tends to generate simple fractures that are unfavorable for heat transfer, and real-time fracture propagation is difficult to monitor, thus failing to precisely control the hydraulic fracturing scale. In addition, there are few qualitative and quantitative criteria in reservoir-scale fracture evaluations for interpreting the overall hydraulic fracturing effect. Consequently, in this study, dual wells, multi-fracturing, and split-time technology (DMS) were designed and conducted based on microseismic monitoring in field experiment to find real-time fracture propagation. Furthermore, based on Hugot's research on connecting microseismic events by spatiotemporal sequences, we proposed a step index and path intensity considering microseismic event intensities to evaluate the effect on hydraulic fracturing. The results showed that a three-dimensional fracturing zone with a 60 × 30 × 8 m length, width, and height was generated at a 476–484 m depth, which corresponded to the designed hydraulic fracturing and facilitated heat transfer and product migration. Higher pump pressure and rate harmed hydraulic fracturing, blocking proppant migration during which the FK1-4 coefficient of viscosity reached 70 N⋅s/m2, 1.4 times greater than that of FK1-2 and FK1-5 according to Poiseuille's law. The hydraulic fracturing effect in FK1-4 was superior than that in FK1-2 and FK1-5. This study serves as a reference for monitoring oil shale exploitation via in-situ pyrolysis.