CO2 displacement has been proposed to enhance shale gas recovery and unlock a big potential market for CO2 beneficial utilization. Theoretically, gas adsorption is inversely related to the temperature, so gas can be desorbed by elevating the temperature. This paper investigates the economic performance of enhancing shale gas recovery by injecting CO2 at high temperatures through displacement as well as desorption by rising temperatures. Influences of operation temperature and injection pressure were studied for three potential shale plays in China. Study results show that both factors exerted obvious impacts, and CO2 procurement was the largest cost component. It is found that the net revenue was not always proportional to the operation temperature, but more controlled by the injection–production ratio. This is because of the different temperature impacts to the various patterns of adsorbed CH4 and CO2 contents. Consequently, in some cases, more CO2 is needed to displace CH4 when operation temperature is raised, resulting a higher cost. The modeling results demonstrate that based on the adsorption characters of reservoirs, the productivity and profitability of CO2 enhanced gas recovery can be further improved by choosing appropriate operation temperatures.