Wood–plastic recycled composite (WPRC) are composites obtained by heating and mixing the main raw material, wood flour, with thermoplastic resin, containing at least 40% by mass of recycled material in the raw material. In order to promote the multiple-recycling of WPRC to reduce greenhouse gas emissions and ensure the sustainability of resources, three types of WPRC decking materials with different exposure conditions (outdoor-exposed product, unexposed product and product stored in the factory for a long time) and samples after accelerated weathering tests (WPRC and recycled plastics from raw materials) were evaluated and compared by a TG-DTA in order to develop a method for evaluating the degree of degradation of used WPRC. Exothermic behavior with weight loss was observed in the temperature range of 30–500 °C for the WPRC product in two temperature ranges. In order to focus on the change in the first exotherm by oxidative degradation, where the rapid weight loss begins, this paper will focus on the exothermic behavior that develops in the temperature range of 150–300 °C on the lower temperature side. The results obtained are as follows. (1) Initial oxidation temperature (IOT) measurement from DTA behavior suggested that it is possible to evaluate the degree of degradation of WPRC. (2) On the exposed surface of WPRC exposed outdoors for more than 9 years and 8 months, significant decreases in the IOT were observed up to 1 mm from the surface, and a slight decrease in the IOT was observed between 1 and 2 mm from the surface. On the other hand, for the indoor long-term storage of 11 years and 6 months, there were almost no changes in the IOT with respect to the depth from the surface. Regarding the outdoor long-term-exposed WPRC, significant decreases in the IOT were observed not only on the exposed surface but also on the hollow and ribbed surfaces up to a depth of 1 mm from the surfaces. (3) A similar decrease in the IOT with increasing accelerated degradation time was observed for the WPRC and raw recycled plastic samples after accelerated weathering tests as for outdoor exposure. Furthermore, FTIR-ATR spectra also revealed that accelerated degradation caused oxidative degradation of the plastic. Therefore, it is thought that the decrease in the IOT can be used as an indicator to evaluate the degree of degradation of the plastic raw material in WPRC.