Severe oil particle-induced erosion to the prestage component progressively degrades the overall performance of the deflector jet servo valve (DJSV), even leading to valve failure. Herein, we present an approach for evaluating degradation in performance and predicting the erosion lifespan of the DJSV on different levels of oil pollution. Specifically, a mathematical model of the whole valve was built based on a previously established working principle and physical mechanism. In addition, considering the horizontal and rotational particle motions, combined with impact of particle size distributions under different oil contamination degrees, an erosion model was constructed. Then, after simulating and analyzing the pressure characteristics before and after the erosion of prestage, the performance degradation of the whole valve was examined, thereby predicting the erosion life of the valve. Investigations revealed that the maximum erosion rate occurred at the shunt wedge of the receiving holes, which increased with the contamination degree and accelerated after level 7. After erosion, however, the control pressure difference decreased significantly, and erosion life followed exponential distribution corresponding to the distribution of particles under different pollution levels. The aforementioned investigation can thus help diagnose faults and optimize the design of the servo valves in service.