High voltage power capacitors employ the oil-impregnated polypropylene film as the insulation. The swelling phenomenon might drive the antioxidants and small molecules within the film to migrate into the oil. It is necessary to comprehensively investigate the physical migration mechanism of antioxidants and their impact on the electrical performance of the oil-film combination insulation system and, consequently, formulate the proper selective prescription of antioxidants. Theoretical elucidation of the competitive interaction mechanism between the film and the oil in attracting antioxidant molecules was achieved through the calculation of inter-molecular binding energy, and the migration coefficient ηm was introduced to quantify the migration characteristics of antioxidants. Experimentally, the effects of antioxidants on the space charge distribution of the film, the dielectric properties of the oil, and the breakdown characteristics of both the film and oil were investigated. The experimental conclusions are consistent with theoretical analysis. The lamellar structure antioxidant molecules with ηm > 1 tend to migrate from the film to the oil, which results in increased dielectric loss and decreased breakdown strength of the insulating oil. In addition, the presence of phosphorus atoms in phosphite antioxidants contributes to a reduction in the breakdown strength of the film. For capacitor grade polypropylene film, in addition to the synergistic effect between different types of antioxidants on the thermo-oxidative stability, the structure of the antioxidant molecules and its influence on the electrical performance of the oil-film systems should also be taken into account.