During the storage and transportation of liquefied natural gas (LNG), generation of boiloff gas (BOG) and change in the LNG composition, also known as LNG aging, are inevitable. Thus, a thermodynamic model that can accurately predict LNG aging during long-term operation is critical. This study presents a novel aging model, in which the LNG tank is divided into five zones: the vapor phase region, thermal stratification, bulk liquid region, boundary layer, and surrounding thermal insulation region. The heat and mass transport into different regions were calculated separately, and the thermal conductivity of the solid walls was considered as a function of temperature. Following model validation, simulations were performed for various thermal insulation conditions, ambient temperatures, and initial liquid compositions. From the results, the errors of the pressure, BOG rate and total heat flux could be approximated to 17, 7, and 14% respectively, for the previous models omitting the variation of thermal conductivity with temperature. As the initial methane fraction increased (i.e., N fraction decreases), the BOG rate decreased at the initial stage, while the BOG rate became less sensitive with the initial LNG composition as evaporation proceeded. Such an effect is determined by the variation in the latent heat of vaporization and total heat loss. This study can provide guidance for the design and operation of LNG storage tanks.