Low-medium maturity organic-rich shale reservoirs have garnered increasing attention due to their enormous oil and gas generation potential. In this study, the pyrolysis conversion process and product distribution characteristics of shale core samples via supercritical water (SCW) were investigated. The yield of shale oil increased from 4.5 wt% at 385 °C to 15.13 wt% at 425 °C, with the maximum formation rate of shale oil ranging from temperatures of 405 °C to 425 °C. The thermal bitumen reached 15.11 wt% at 405 °C before rapidly decreasing to 3.2 wt% at 425 °C. In the pyrolysis process of shale cores via SCW, the intermediate thermal bitumen produced by thermal cracking of kerogen was retained in the cores and continued to be decomposed into shale oil and gas with the increase of SCW temperature. Simultaneously, a large number of pores were formed in the core matrix due to the massive decomposition of kerogen and thermal bitumen. The increase in SCW temperature greatly decreased the heavy components as well as increased the light components in shale oil. Additionally, aliphatic hydrocarbon cracking or Diels-Alder type aromatization reactions resulted in an increase in aromatic hydrocarbons and a decrease in the H/C atomic ratio of shale oil. Raising SCW temperature increased the content of C2-C5 hydrocarbon gases and the alkenes/alkanes ratio, which was related to the secondary cracking. The important findings of the pyrolysis conversion process and product distribution characteristics of shale cores via SCW not only enrich the theoretical basis in this area, but also provide strong support for the use of SCW in the in-situ conversion of low-medium maturity organic-rich shale reservoirs.