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Although XLPE cables are widely used in power transmission and distribution systems, their insulating properties are susceptible to degradation due to thermal aging. In order to clarify the influence law of the thermal aging process on the structural and dielectric properties of XLPE cables, this paper investigates the thermal aging characteristics of XLPE cables by using polarization and depolarization current measurement. Results show that when the XLPE cable is aged at 140 °C, the crystallinity of the insulation layer appears to increase and then decrease. With the increase in aging time, micron-sized microvoids appear on the surface of the XLPE. At the same time, the DC conductivity and 0.1 Hz dielectric loss factor of the insulating layer increase with the aging time. The average DC conductivity increased from 2.26 × 10−16 S/m for new cables to 4.47 × 10−16 S/m after aging for 432 h, while the dielectric loss increased from 0.11% to 0.42%. The polarization characteristics of thermal-aged cables were further analyzed using the extended Debye model. Results indicate that the time constant of the third branch of the model increased significantly with increasing aging time. A correspondence between this parameter and the thermal aging time of the cable was established. Thermal aging can damage the crystalline structure of XLPE, so that the number of interfaces between the crystalline and amorphous regions of the material increases, resulting in structural damages and a decline in the dielectric properties of the cable insulation. [ABSTRACT FROM AUTHOR]