Oil shale occurrences underlie about 15% of Israel’s land surface. The geological reserves (rocks with at least 7% total organic carbon) are estimated to exceed 370 billion tons. The potential yield of shale oil is more than 30 billion tons, with an average grade supposed to be ~20 G/T. Most of the deposits are close to the surface, and some could be developed with low-cost surface mining. In some of the studied oil shale deposits, the sequence is closely associated with economic phosphate beds, a geological phenomenon that may have significance in future applications. Ongoing studies revealed technologies some of which might be of economic and environmental feasibility.