The excellent oxidation and ablation resistance of silicone rubber thermal protection system (TPS) materials have made them extensively utilized in large-area thermal protection applications, such as ramjet engines and spacecraft reentry capsules, where air is present in the service environment. The ablation resistance is significantly influenced by the pyrolysis reactions, which serves as the foundation for subsequent ceramic transformation and the development of anti-erosion structures. The majority of previous research has been conducted in inert gas environments. To investigate the pyrolysis mechanism of silicone rubber TPS materials in realistic service environments, thermal analysis tests were performed using a range of analytical instruments including a thermal analyzer, mass spectrometer, infrared spectrometer, and X-ray photoelectron spectrometer from room temperature up to 1300 K in air atmosphere and compared with the results in argon atmosphere. The results demonstrate that silicone rubber TPS materials undergo both pyrolysis and oxidation reactions in air atmosphere. The primary pyrolysis of the matrix is attributed to cyclization reactions and side-chain cross-linking reactions. In comparison to argon atmosphere, the oxidation reaction produces a greater amount of organic gases, thereby diminishing the extent of cross-linking reaction and the thermal stability of the pyrolysis residue. The prolonged exposure to elevated temperatures allows for an extended duration of oxidation reactions, consequently diminishing the long-term thermal stability of TPS materials. The increase in mass of TPS materials at temperatures exceeding 1100 K can be attributed, in part, to the formation of new organic groups through oxidation reactions. The observed morphology of the residue, along with the weight gain from oxidation and SiO2 formation, promotes ceramic transformation of the materials at elevated temperatures.