Structural changes of polyamideamine–epichlorohydrin (PAE) in solution during storage at 4 °C and pH 4.2–4.5 for up to 8.9 years were studied by 1H- and 13C-NMR analyses, colloidal titration and others. NMR signals due to 3-hydroxy-azetidinium groups of PAE decreased during storage, and correspondingly 2, 3-dihydroxypropyl groups were formed by the ring opening. The content of 3-hydroxy-azetidinium groups in PAE determined by 1H-NMR were similar to that determined by the colloidal titration, although the former was higher than the latter. About 50% of the 3-hydroxy-azetidinium groups present in the fresh PAE were lost during storage for 8.9 years. Furthermore, 13C-NMR analysis revealed that significant depolymerization of polyamideamine chains occurred by hydrolysis of the amide linkages during storage. Rough evaluation of number average degree of polymerization (DPn) of the amideamine repeating unit showed that the DPn decreased from 12 to 2 during storage for 8.9 years.