The co-pyrolysis of low-rank coal (LRC) and oil sludge (OS) was investigated at 500 °C under nitrogen with varying mass ratios. The addition of OS (20–80%) enhanced tar and gas yields while reducing char formation, with the most pronounced synergistic effect observed at the 20/80 LRC/OS ratio. Thermogravimetric analysis confirmed improved degradation behavior, showing higher mass loss and lower peak decomposition temperatures compared to theoretical values. At the optimal ratio, the tar composition exhibited increased aromatic hydrocarbons with reduced alkanes and phenols, while gas analysis revealed higher yields of H2, CH4, and CnHm and lower contents of CO and CO2. These results demonstrate that co-pyrolysis of LRC and OS is an effective route to valorize hydrocarbon wastes and produce cleaner, energy-rich products.