The oil-paper insulation of high-frequency (HF) transformers frequently withstands high-frequency over-voltages at frequencies of several kHz and above. This leads to the occurrence of partial discharge (PD), which causes premature insulation failure in HF transformers. In order to investigate the effect of PD under high-frequency stresses on oil-impregnated Nomex paper, this paper analyzes the surface morphology, bond-broken types of the molecular chain, and product types formed for oil paper after PD degradation. Then, the damage mechanism of oil-immersed Nomex paper between high-frequency and AC stress is explored. The experimental results show that the branches of creepage do not exist in the oil-paper insulation during the entire discharge process under high-frequency stresses, and that their damage degree is higher than that of AC stress. This is mainly because the benzene ring of oil-impregnated Nomex paper is destroyed and opened caused by high-energy particles, the heating effect in HF discharge, and the bulk effect. These results help to improve the design theory of insulation structures and to develop PD-resistant insulation materials in HF transformers.