Thermal oils are nowadays widely used as heat transfer fluids or cooling media in industrial and energy production plants. Currently, very few data are available about their thermal stability in function of the operating temperatures, which is a crucial parameter to estimate oil structural changes and their possible effects the maximum fluids lifetime. The present work is concerned with ageing tests on a commercially used thermal oil at temperatures higher than the nominal working ones, including a full post-test characterization. At this aim, a dedicated experimental set-up was designed and constructed to study the degradation kinetics, and to qualitatively and quantitatively analyze the released gases. As a result, the kinetic parameters were estimated, along with the related changes in the oil thermos-physical properties.