We present a systematic summary of the geological characteristics, exploration and development history and current state of shale oil and gas in the United States. The hydrocarbon-rich shales in the major shale basins of the United States are mainly developed in six geological periods: Middle Ordovician, Middle–Late Devonian, Early Carboniferous (Middle–Late Mississippi), Early Permian, Late Jurassic, and Late Cretaceous (Cenomanian–Turonian). Depositional environments for these shales include intra-cratonic basins, foreland basins, and passive continental margins. Paleozoic hydrocarbon-rich shales are mainly developed in six basins, including the Appalachian Basin (Utica and Marcellus shales), Anadarko Basin (Woodford Shale), Williston Basin (Bakken Shale), Arkoma Basin (Fayetteville Shale), Fort Worth Basin (Barnett Shale), and the Wolfcamp and Leonardian Spraberry/Bone Springs shale plays of the Permian Basin. The Mesozoic hydrocarbon-rich shales are mainly developed on the margins of the Gulf of Mexico Basin (Haynesville and Eagle Ford) or in various Rocky Mountain basins (Niobrara Formation, mainly in the Denver and Powder River basins). The detailed analysis of shale plays reveals that the shales are different in facies and mineral components, and “shale reservoirs” are often not shale at all. The United States is abundant in shale oil and gas, with the in-place resources exceeding 0.246×1012 t and 290×1012 m3, respectively. Before the emergence of horizontal well hydraulic fracturing technology to kick off the “shale revolution”, the United States had experienced two decades of exploration and production practices, as well as theory and technology development. In 2007–2023, shale oil and gas production in the United States increased from approximately 11.2×104 tons of oil equivalent per day (toe/d) to over 300.0×104 toe/d. In 2017, the shale oil and gas production exceeded the conventional oil and gas production in the country. In 2023, the contribution from shale plays to the total U.S. oil and gas production remained above 60%. The development of shale oil and gas has largely been driven by improvements in drilling and completion technologies, with much of the recent effort focused on “cube development” or “co-development”. Other efforts to improve productivity and efficiency include refracturing, enhanced oil recovery, and drilling of “U-shaped” wells. Given the significant resources base and continued technological improvements, shale oil and gas production will continue to contribute significant volumes to total U.S. hydrocarbon production.