Cellulose insulation polymer material is widely used in oil immersed bushing. Moisture is one of the important reasons for the deterioration of cellulose polymer insulation, which seriously threatens the safe and stable operation of bushing. It is significant to study the polarization and depolarization behavior of oil-immersed cellulose polymer insulation with different moisture condition under higher voltage. Based on polarization/depolarization current method and charge difference method, the polarization/depolarization current, interfacial polarization current and electrical conductivity of cellulose polymer under different DC voltages and humidity were obtained. Based on molecular-dynamics simulation, the effect of moisture on cellulose polymer insulation was analyzed. The results show that the polarization and depolarization currents become larger with the increase in DC voltage and moisture. The higher applied voltage will accelerate the charge carrier motion. The ionization of water molecules will produce more charge carriers. Thus, high DC voltage and moisture content will increase the interface polarization current. Increased moisture content results in more charge carriers ionized by water molecules. In addition, the invasion of moisture will reduce the band width of cellulose polymer and enhance its electrostatic potential, so as to improve its overall electrical conductivity. This paper provides a reference for analyzing the polarization characteristics of charge carriers in cellulose polymer insulation.