Goynuk oil shale was subjected to supercritical toluene extraction with/without catalyst. The catalysts used were red mud, sulfur-prop toted red mud and commercial hydrogenation catalysts. The oils obtained were characterized by gas chromatography and column chromatography. Maximum conversion (similar to94%) and extract yield (similar to64%) were obtained at 400degreesC. At this temperature, catalyst had no effect on conversion whereas it affected the extract yield. In addition, using of catalyst increased the amount of polar and aromatic compounds in the extract. Sulfur-promoted red mud showed the best reactivity to liquefaction of Goynuk oil shale at 350degreesC. Supercritical toluene extraction at 350degreesC without catalyst resulted in a conversion of 34.8%, but in the presence of sulfur-red mud it was 53-55%.