Oil shale, crushed to about 70 mesh size (300 microns or less), is slurried with a recycle stream from the processing of the reactor effluent. The slurry is then heated and charged, along with hydrogen, to an upflow, fluidized bed reactor. The kerogen in the shale undergoes hydroretorting, giving a C.sub.1 -650.degree. F. range of products. The spent shale is removed with and separated from the reactor overhead effluent.