The shale oil horizontal wells in the Songliao Basin are affected by a lack of mature theories, technologies and experiences in the direction of wellbore stability. Wellbore collapse may occur, and in severe cases, the wellbore may be scrapped, resulting in huge economic losses. Therefore, aiming at addressing the above problems, rock mechanics experiments were carried out. Based on the theories of elasticity and rock mechanics, this paper considers not only the influence of the bedding plane, but also the influence of hydration on the strength weakening of the shale body and the bedding plane. The analysis shows that no matter under which in situ stress mechanism, the wellbore in the vertical well section is the most stable, and when the inclination angle is approximately 45°, the wellbore is most likely to be unstable. Changes in water content do not affect the most stable or unstable regions. Under the same conditions, the equivalent density of collapse pressure increases with the increase in water content. In addition, field examples are also analyzed to verify the accuracy of this model, which can provide a theoretical and technical basis for the safe construction of continental shale oil horizontal wells.