Natural ester is a kind of fire-resistant and environmentally friendly dielectric liquid, which has already been widely used in power transformers. The influence of moisture content on the degradation of natural ester (camellia oil and FR3 oil) impregnated paper in- sulation was investigated and compared with that of mineral oil impregnated paper in this paper. The initial moisture contents of insulating paper samples were 0.3%, 2% and 4%, respectively. Thermal aging experiment was conducted at 130 °C in hermetical stainless vessels for 80 days. Aging parameters such as the degree of polymerization (DP) of insulating paper, furfural mass concentration in oil and acid number of oil were measured. Chain scissions number (CSN) of aged insulating paper was calculated. The results show that moisture could accele- rate the degradation of both natural ester impregnated paper insulation and mineral oil impregnated paper insulation, while the degradation rate of natural ester impregnated paper insulation is much lower than that of mineral oil impregnated paper insulation. High moisture satura- tion solubility and hydrolysis process of natural ester may be the reason.