The aging of cable insulation presents a significant threat to the safe operation of cables, with space charge serving as a crucial factor influencing cable insulation degradation. However, the characteristics related to space charge and conduction current behavior during thermal aging remain unclear. This study focused on the thermal aging of cross-linked polyethylene (XLPE) material and utilizes a combined pulse electro-acoustic (PEA) and conduction current testing system to analyze the space charge and conduction current characteristics in the sample under varying electric fields and temperatures. The average charge density, short-circuit residual electric field, electric field distortion rate, and conduction current were studied. The findings indicate that the space charge in the samples following thermal aging is predominantly governed by the injected charge. The amorphous region of XLPE decreases, while the cross-linking degree increases after aging, thereby facilitating charge carrier migration within the sample and reducing the generation of charge carriers through thermal pyrolysis. The minimum temperature required for charge injection is reduced by thermal aging. Furthermore, modifications in conduction current, residual electric field, and average charge density indicate that thermal aging has the potential to alter the microstructure and trap characteristics of XLPE. This study provides empirical evidence to elucidate the underlying mechanism of cable insulation aging.