High-voltage storage capacitors, which have composite insulations of polypropylene film and paper impregnated with oil, are working under charge–discharge mode. The insulations are not only exposed to electrical stress but also to thermal stress.Failure factors of composite insulation in capacitors are analyzed from three aspects: partial discharge (PD), space charge, and thermal factors. In order to investigate the possible influences on the dielectric properties of materials in capacitors, aging tests were conducted on the capacitors. Some parameters were detected in aged capacitors compared with nonaged ones. Experimental results reveal that PD is the key factor leading to the breakdown of the capacitor, space charge is the direct factor that induces the breakdown, and thermal factor just accelerates the degradation process.