To study the ageing characteristics of epoxy resin composite insulation in dry-type transformers in high-temperature environments, glass fibre-reinforced epoxy resin samples were placed in a hot air ageing environment at 130°C for testing. Dielectric properties, partial discharge (PD), microscopic morphology, three-dimensional morphology and Fourier transform infrared spectroscopy of aged samples were periodically tested. The results show that during the ageing process, the change in the surface morphology of the sample leads to an overall upward trend in surface roughness, and the older the sample, the faster the surface roughness increases; changes in the surface morphology and three-dimensional morphology of the material constitute the basis for judging the condition of the insulating surface and the state of ageing development. Microcracks are the direct cause of debonding of glass fibres and epoxy matrix. Degradation of the sample during the ageing process generates many free radicals, which enhances the polarisation ability of the sample and increases both the dielectric constant and the dielectric loss factor. The real part of the complex dielectric constant is more sensitive to the ageing response of the sample. The older the sample, the greater the effect on the results of the dielectric spectrum test. Since the aged sample generates more hot electrons during the PD process and makes it easier to inject electrons into the material, the PD of the sample is rendered more intense by thermal ageing. There is a significant difference between the degradation mechanism of the thermal ageing and PD. The samples subjected to PD after thermal ageing produce new groups, and the degradation of the samples is more severe than that caused by thermal ageing, or PD, alone.