Oil-impregnated paper is a major type of insulation used in oil-filled converter transformers for both traditional and new energy systems. This paper presents and analyzes the results of the experiment conducted on the electrical aging of oil-impregnated paper under AC-DC combined voltages using the pulsed electro-acoustic (PEA) technique. The formation and dynamics of space charge affected the performance of insulation material. The electrical aged oil-paper insulation was obtained through electrical aged experiments under the voltages. Based on the PEA technique, measurements were carried out when the oil-paper insulation system was subjected to different stressing and aging times. The space charge dynamics in the bulk of the oil-paper insulation system with different aging times were measured and analyzed. Characteristic parameters such as the total charge injection amount, the total charges of fast moving and slow moving, and the distortion factor of electric field were calculated and discussed. Results show that the longer electrical aging time, the more charges trapped in the bulk of aging sample. It leads to larger distortion factor of electric field in the bulk of aging samples and accelerate degradation of oil-paper insulation under AC-DC combined voltages.