Not only the insulating oil used for extra high voltage and high capacity transformer has a lot of possibilites of a corona discharge in oil, but the oil is easily degraded by a response of light oxidization. This study is either to classfy, with priority given to a transformer oil produced in Korea belonging to, the insulating oil No. 2, the sample irradiated the ultraviolet rays, treated a corona discharge in oil by a high voltage DC source and done nothing, or to measure the characteristics of breakdown, V-i, I-t and electrode material. The obtained results can be summarized as followings: (1) Unless the sample is contacted with the air, on the process to irradiate the ultraviolet rays, the sample less influence on the changes of the electric characteristics. At the same time, if the sample is contacted with the air and irradiated the ultraviolet rays, the sample shows a remarkable changes of the electric characteristics, and a declined breakdown strength. This tells us that the influence of the light irradiation must be considered as a primary factor of degrading the insulating oil. (2) In the oil treated by a corona discharge, breakdown voltage is declined more than in the oil not to be treated with it. This means that the degradation of the insulating oil is getting increased by a corona discharge in oil. (3) It shows that the increase of conducting current has little to do with breakdown voltage. (4) The conducting current depending on the electrode materials can be put in order by value as Al>Cu>Fe. This is due to the differences of the work function of each metals, and an chemical reaction with the insulating oil. These result can be a great help in verifying the degradation progress of the insulating oil and furnish a new technical information to the manufacturers of the insulating oil and electrical equipment designers and operators. Besides, this study would be helpful to improve the electrical characteristics of the insulating oil produced in Korea.