A circular economy becomes an object of actual discussions as a real alternative to the existing linear economy system. The problem is actually in Estonia also, first of all in the sector of heat and power production which based mainly on the combustion of local solid fossil fuel—Estonian oil shale (OS) resulting in the formation of ~5–6 million tons of OS ashes annually. The thermooxidative decomposition of OS samples from different deposits and estimation of the possibilities of utilization of OS ashes formed at both—pulverized firing (PF) and circulating fluidized bed combustion (CFBC) of Estonian OS were studied. The thermal analysis combined with evolved gas analysis (EGA) methods like Fourier transform infrared (FTIR) and mass-spectroscopy (MS) was exploited. It was established that the differences in the thermal behaviour of different OS samples are caused by the differences in the chemical matrix of organic matter, chemical and mineralogical composition of the inorganic part of OS, and morphology of samples. It was also found that moderate grinding of OS ashes with simultaneous moderate water treatment notably improved the SO2 binding efficiency of cyclone ash, and that the strength and leachability characteristics of granulated OS ashes strongly depend on the post-granulation treatment conditions allowing to increase the soil neutralizing ability of the granulated products. This overview was based on our investigations carried out during the last fifteen years.