Experimentally to investigate the conductive characteristic of oil-immersed paper, we observed the leakage current-voltage characteristic of oil-immersed paper, the temperature dependence of ionization rate and the effect of metal electrode on the leakage current. The results showed that the leakage current-voltage characteristic generally followed the experimental equation i=i$_{0}$ exp (K.root.E) and the slope K did not change by the temperature and electric strength, but only when the direct voltage was applied. And also the leakage current seemed to depend on the work function of metal electrode. From the above results we concluded that the deterioration of oil-immersed paper was not only caused by the thermionic emission from the cathode but also by the conductive property of oil-immersed paper in itself and the work function of metal electrode.e.