In order to elucidate the aging performance and aging mechanism of a rubber waterstop in low-temperature environments, the rubber waterstops were placed in the freezing test chamber to accelerate aging, and then we tested its tensile strength, elongation, tear strength, compression permanent deformation and hardness at different times. Additionally, the damaged specimens were tested by scanning electron microscope, Fourier transform infrared spectroscopy and energy dispersive spectrometry. The results showed that with the growth of aging time, the mechanical properties of the rubber waterstop are reduced. At the same time, many protrusions appeared on the surface of the rubber waterstop, the C element gradually decreased, and the O element gradually increased. During the period of 72–90 days, the content of the C element in the low-temperature air environment significantly decreased compared with that in low-temperature water, while the content of O element increased significantly.