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The parameter of tensile strength for transformer bushing insulating paper occupies an important position in the structural design and life evaluation of transformer bushing. In order to precisely achieve the effect of aging time and moisture content on the tensile strength of transformer bushing paper, transformer insulating paper samples with a thickness of 0.13 mm were prepared for tensile strength and dielectric strength testing under different moisture contents and aging states. The results show that the tensile strength (MPa) of insulating paper decreases linearly in the range of 0–648 h under accelerated thermal aging at 130 °C. However, there is a more serious exponential decline in the tensile strength (MPa) of insulation paper with its moisture content is boosted. The moisture content in insulation paper is the most important factor for insulation paper deterioration in oil-impregnated paper insulation equipment, which could accelerate the end of insulation service life. The value of capacitance increment ΔC of the insulation paper samples displayed closely linear growth with a moisture content from 0.5% to 5.9%. Strictly controlling the moisture content by monitoring the ΔC value of transformer insulation paper is of significance for prolonging its service life. [ABSTRACT FROM AUTHOR]