This paper investigates the deterioration of, and the abnormal temperature rise in, the GFRP core rod material of compact V-string composite insulators subjected to prolonged alternating flexural loading under wind-induced stresses. The axial stress on the GFRP (Glass Fiber Reinforced Plastic) core rod, resulting from transverse wind loads, is a focal point of examination. By establishing a stress model and damage model, the paper simulates and computes the evolution of damage in the outer arc material of composite insulator core rods subjected to alternating flexural loads. Additionally, a multi-factor coupled aging platform is set up, integrating humidity, heat, and mechanical stress, to simulate the crazing deterioration process of composite insulators under alternating flexural loads. Experimental results reveal that during 400,000 alternating load cycles, the core rod underwent stages of surface damage, damage increasing, fatigue embrittlement, matrix hydrolysis, and fiber fracture. Simultaneously, the silicone rubber sheath on the outer side of the composite insulator’s bending arc develops cracks over aging time, creating pathways for moisture ingress into the interface and core rod. The dielectric constant and dielectric loss factor of the aging region of the core rod increase to varying degrees compared to the non-aging part. Moreover, the degree of abnormal heating of the samples intensifies with the duration of aging experiments. These findings underscore the significance of understanding the aging and decay-like fracture process of compact line V-string composite insulators. They provide crucial insights for future research aimed at enhancing the material properties of composite insulator core rods.