Organic-rich shale oil reservoirs with low-medium maturity have attracted increasing attention because of their enormous oil and gas potential. In this work, a series of experiments on pyrolysis of the particle and core samples were carried out in a self-made supercritical water pyrolysis apparatus to evaluate the feasibility and benefits of supercritical water in promoting the transformation efficiency and oil yield of the low-medium maturity organic-rich shale. Core samples had a mass loss of 8.4% under supercritical water pyrolysis, and many microcracks were generated, which increased the pyrolysis efficiency substantially. The oil yield of shale pyrolysis could reach 72.40% under supercritical water conditions at 23 MPa and 400 °C, which was 53.02% higher than that under anhydrous conditions. In supercritical water conditions, oxygen-containing compounds are less abundant than in anhydrous conditions, suggesting that supercritical water can inhibit their formation. Also, supercritical water conditions produced higher yields for light fraction, medium fraction, and heavy fraction shale oil than those under anhydrous conditions. These results indicate that supercritical water pyrolysis is feasible and has excellent advantages for low-medium maturity organic-rich shale.