It is well known that physical particles are thermally dissipative at finite temperature. In this paper we reformulate both the equilibrium and nonequilibrium thermal field theories in terms of stable quasiparticles. We will redefine the thermal doublets, the double tilde conjugation rules and the thermal Bogoliubov transformations so that our theory can be consistent for most general situations. All operators, including the dissipative physical particle operators, are realized in a Fock space defined by the stable quasiparticles. The propagators of the physical particles are expressed in terms of the operators of such stable quasiparticles, which is a simple diagonal matrix with the diagonal elements being the temporal step functions, same as the propagators in the usual quantum field theory without thermal degrees of freedom. The proper self-energies are also expressed in terms of these stable quasiparticle propagators. This formalism inherits the definition of on-shell self-energy in the usual quantum field theory. With this definition, a self-consistent renormalization is formulated which leads to quantum Boltzmann equation and the entropy law. With the aid of a doublet vector algebra we have an extremely simple recipe for computing Feynman diagrams. We apply this recipe to several examples of equilibrium and nonequilibrium two-point functions, and to the kinetic equation for the particle numbers.