In this paper, the aging characterization of a kind of insulating paper modified by magnetron sputtering MgO particles based on a microstrip resonant sensor was presented. Firstly, the modified insulating paper with 0, 15 and 30 min MgO particle sputtering times was prepared by a magnetron sputtering device. After that, the properties of the modified insulating paper with different sputtering times were analyzed through microscopic characterization, infrared spectrum, polymerization degree, dielectric constant, AC breakdown strength and thermal aging experiments. The results show that the dielectric constant of the modified insulating paper decreased obviously, the AC breakdown strength increased and the thermal aging resistance was better after 15 min of sputtering. The overall performance of the modified insulating paper after 30 min of sputtering is reduced due to excessive sputtering. In addition, microstrip resonant sensors are introduced to characterize the thermal aging degree of the modified insulating paper, and two microstrip resonant sensors are prepared: a complementary split ring resonator (CSRR) and an interdigital-capacitor-shaped defected ground structure resonator (IDCS-DGS). The resonance frequency deviation of the modified insulating paper samples after aging was measured by microstrip resonance sensors to show the influence of aging temperature on aging degree. The experimental results show that the test results of the microstrip resonance sensors are in good agreement with the traditional characterization methods and can characterize the various aging stages of the modified insulating paper to a certain extent, which proves the feasibility of the characterization method.