Highly stable ZnO varistor ceramics with steadily decreasing power loss have been put into applications in electrical and electronic systems for overvoltage protections, even with the absence of general understandings on their aging behaviors. In this paper, we investigated their aging nature via conducting comparative dc aging experiments both in air and in nitrogen, during which variations of electrical properties and interface properties were measured and analyzed. Notably, continuously increasing power loss with severe electrical degradation was observed for the sample aged in nitrogen. The power loss transition was discovered to be closely related to the consumption of oxygen absorption at the grain boundary, which could, however, remain constant for the sample aged in air. The density of interface states, which is crucial for pinning the potential barrier, was proved to decrease in nitrogen, but keep stable in air. Therefore, it is concluded that the oxygen absorption at the grain boundary is significant for the stability of interface states, which further correlates to the long-term stability of modern stable ZnO varistor ceramics.