Aircraft electrification yields the next generation of aircraft such as more electric aircraft (MEA) and all electric aircraft (AEA). These aircraft require high-power-density and low-system-mass electric power systems (EPS). To this end, the voltage of the system must be enhanced to reach medium voltage levels in a few kV ranges. However, using medium voltage (MV) EPS for aircraft exacerbates the challenges of designing aircraft cables such as arc and arc tracking, partial discharges (PD), and thermal management. In this paper, several novel multi-layer based insulation systems for MVDC power cables are proposed to resolve aircraft cables’ challenges while maintaining low weight and size. The proposed cables are thermally and electrically analyzed and compared to cable systems designed based on IEC60502 and AS50881 standards. We use a coupled electrical-thermal-fluid flow dynamic model, for simulations where all possible heat transfer approaches, including conduction, convection, and radiation, to transfer mainly the joule heating generated in the core conductor to ambient with a low pressure of 18.8 kPa which is the air pressure at cruising height of wide-body aircraft (12.2 km) are considered and modeled. To compare the proposed cables to the designs based on IEC 60502 and AS50881, <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">J</i> is introduced, which is the product of cables’ overall mass in a unit length and diameter. The results show that besides benefiting multi-layer, multi-function insulation systems to resolve aircraft cables’ challenges, the overall diameter and weight of the designed cables are lower than single-layer insulation system designs based on AS50881 and IEC60502.