For carbon fiber epoxy resin used in aerostructure, thermal degradation mechanism and kinetics play an important role in the evaluation of thermal response and combustion characteristics. However, the thermal decomposition process and mechanism are difficult to unify strictly due to the complexity of the components from different suppliers. In the present study, a product of carbon fiber epoxy resin made by AVIC(Aviation Industry Corporation of China) composite corporation is examined to identify its thermal degradation mechanism and pyrolysis products by measurements, including simultaneous thermal analysis, Fourier transform infrared spectroscopy and mass spectrometry, establish the kinetic model by Kissinger/Friedman/Ozawa/Coats-Redfern methods. The results show thermal degradation occurs in three steps under the inert atmosphere, but in four steps under air atmosphere, respectively. The first two steps in both environments are almost the same, including drying, carbon dioxide escape and decomposition of the epoxy resin. In the third step of inert atmosphere, phenol is formed, methane decreases, carbon monoxide basically disappears and carbon dioxide production increases. However, in air, thermal oxidation of the carbonaceous residues and intermolecular carbonization are observed. Furthermore, thermal degradation reaction mechanism submits to the F4 model. These results provide fundamental and comprehensive support for the application of carbon fiber epoxy resin in aircraft industry.