New energy sources such as wind energy are mainly distributed in low temperature areas such as high altitude and high dimensionality in inland China, which has higher requirements for the low-temperature insulation characteristics of power equipment. This poses higher demands for the low-temperature insulation capabilities of power equipment. However, the existing research on the low temperature breakdown characteristics of oil-impregnated paper is limited. In this study, the authors constructed an AC-DC combined power supply and a specialized low-temperature breakdown testing platform. Various oil-impregnated paper samples with different moisture contents were prepared. The paper investigated the AC-DC breakdown characteristics of these samples under low-temperature conditions, focusing on the effects of temperature, moisture content, and DC component on the breakdown strength. The findings serve as a valuable design reference for the application of oil-impregnated power equipment in low-temperature environments.