Due to the shortcomings of electrical properties and furfural in characterizing the aging characteristics of paper insulation and the limitations of field application, this paper focuses on the feasibility of evaluating the polymerization degree of insulating paper by the ethanol (EtOH) content in transformer oil. The accelerated thermal aging test is conducted, during which ethanol is produced by degradation of insulating paper. For each oil-paper samples, with different ethanol concentrations are prepared by controlling the aging time. In this paper, a gas chromatograph equipped with a mass spectrometer (GC-MS) measurement method with headspace injection is applied to obtain a fitting curve between ethanol content in oil and average degree of polymerization (DPv), which is a method for judging the degree of paper insulation aging condition. Then, showing the influence of temperature on ethanol generated in this experiment. At last, it is indicated that it is feasible to evaluate the polymerization degree of insulating paper by using the ethanol content in transformer oil.