We investigated the chemical and thermal stability of a eutectic mixture of bis(2,2-dinitropropyl)acetal (BDNPA) and bis(2,2-dinitropropyl)formal (BDNPF) (referred to as NP) in various environments at temperatures below 70 °C. Changes in the chemical composition of aged samples were characterized using TGA, FTIR, GPC, ESI-MS, and 1 H NMR spectroscopies over a period of two years. The results show that the initial signs of NP degradation can be detected as early as 12 months at 70 °C in air. The initial step in the degradation is the elimination of HONO molecules, followed by the formation of nitroso-alcohol isomers. While the temperature plays a key role in determining the degradation kinetics of the initial stages, the absence or presence of oxygen determines the types and rates of formations of various isomers and intermediates during the thermal decomposition processes. In addition, oxygen accelerates the decomposition of the isomers and intermediates, whereas nitrogen has a stabilizing effect. BDNPA shows higher reactivity than BDNPF regardless of the aging conditions, which is attributed to the presence of an extra methyl group in its structure.