Polymers have been widely applied in various fields in the daily routines and the manufacturing. Despite the awareness of the aggressive and inevitable aging for the polymers, it still remains a challenge to choose an appropriate characterization strategy for evaluating the aging behaviors. The difficulties lie in the fact that the polymer features from the different aging stages require different characterization methods. In this review, we present an overview of the characterization strategies preferable for the initial, accelerated, and late stages during polymer aging. The optimum strategies have been discussed to characterize the generation of radicals, variation of functional groups, substantial chain scission, formation of low-molecular products, and deterioration in the polymers' macro-performances. In view of the advantages and the limitations of these characterization techniques, their utilization in a strategic approach is considered. In addition, we highlight the structure−property relationship for the aged polymers and provide available guidance for lifetime prediction. This review could allow the readers to be knowledgeable of the features for the polymers in the different aging stages and provide access to choose the optimum characterization techniques. We believe that this review will attract the communities dedicated to materials science and chemistry.