As an important carrier of shale oil，soluble organic matter contains abundant information which is of great significance to the prediction of shale oil“sweet spots”. Shale samples drilled from Lower Es4 Member，Upper Es4 Member，Lower Es3 Member and Middle Es3 Member in Dongying Sag were selected to analyze the group component of soluble organic matter and saturated hydrocarbon chromatography. According to the characteristics of soluble organic matter content，group composition and light hydrocarbon content，indicators including the total amount of soluble organic matter and the amount of saturated hydrocarbon were established to identify the abundance of shale oil，as well as indicators including the MI parameter，light hydrocarbon content and loss of light hydrocarbon to characterize the mobility capacity of shale oil. The results indicate that the content of soluble organic matter and saturated hydrocarbon of Upper Es4 Member and Lower Es3 Member was significantly larger than that of Lower Es4 Member and Middle Es3 Member，and that of Upper Es4 Member were the highest among the four layers. Shale oil MI of Upper Es4 Member and Lower Es3 Member was higher than that of Lower Es4 Member and Middle Es3 Member. Meanwhile，the original light hydrocarbon content and loss of Upper Es4 Member were higher. According to the comprehensive analysis，Lower Es3 Member and Upper Es4 Member are favorable development formations of shale oil. Further more，Upper Es4 Member is the preferred target area of Paleogene shale oil“sweet spots”in Dongying Sag.