As fossil fuels gradually deplete, oil shale, one of the world’s largest energy resources, has attracted much attention. Oil shale semi-coke (OSS) is the main byproduct of oil shale pyrolysis, which is produced in large quantities and causes severe environmental pollution. Therefore, there is an urgent need to explore a method suitable for the sustainable and effective utilization of OSS. In this study, OSS was used to prepare activated carbon by microwave-assisted separation and chemical activation, which was then applied in the field of supercapacitors. Raman, XRD, FT-IR, TEM, and nitrogen adsorption–desorption were adopted to characterize activated carbon. The results showed that ACF activated with FeCl3-ZnCl2/carbon as a precursor has larger specific surface area, suitable pore size, and higher degree of graphitization compared with the materials prepared by other activation methods. The electrochemical properties of several active carbon materials were also evaluated by CV, GCD, and EIS measurements. The specific surface area of ACF is 1478 m2g−1, when the current density is 1 A g−1, the specific capacitance is 185.0 F g−1. After 5000 cycles of testing, the capacitance retention rate was as high as 99.5%, which is expected to provide a new strategy of converting waste products to low-cost activated carbon materials for high-performance supercapacitors.