Cross-linked polyethylene (XLPE) has been widely used in the field of power cables due to its excellent mechanical properties and insulating properties. However, during the manufacturing of high voltage cables, XLPE will inevitably be affected by electrical aging, thermal aging and electro-thermal combined aging, which makes the resistance and life of the material decline. Therefore, it is necessary to enhance the aging resistance of XLPE without affecting its mechanical properties and insulating properties, so as to extend its service life. In this work, the structural characteristics and cross-linking mechanism of XLPE are introduced, the aging process and influencing mechanism are systematically analyzed, and the life decay problems of XLPE due to aging are explored by using methods such as the temperature Arrhenius equation and the inverse power law of voltage. The improvement strategies such as grafting, blending, and nanoparticle modification can be used to enhance the thermal stability, antioxidant properties, and thermal aging resistance of XLPE, thereby extending its service life. Finally, the strategies of adjusting and controlling the service life of XLPE cable insulation materials in the future are discussed, which provide theoretical guidance for further improving long-term stable operation of XLPE cable insulation materials.