Abstract: A process and system for low-temperature carbonization of oil shale, oil sands and similar oil-bearing solids includes low-temperature carbonization of oil-bearing solids in a high-pressure fluidized bed reactor in the presence of a substance selected from the group consisting of hydrogen and steam at temperatures substantially between 400.degree.and 600.degree. C. for producing low-temperature carbonization gas. The low-temperature carbonization gas is condensed in at least two stages for producing relatively higher boiling and relatively lower boiling oil fractions. The oil-bearing solids are peripherally mashed with the higher boiling oil fraction of the low-temperature carbonization gas, before introducing the oil-bearing solids into the high-pressure fluidized bed reactor. The oil-bearing solids mashed with the higher boiling oil fraction are returned to the high-pressure fluidized bed reactor.