The invention discloses a saturated reactor insulation accelerated aging test device and a test method belonging to insulation material aging evaluation test technology. The saturated reactor insulation accelerated aging test device is built, and the aging condition of novel saturated reactor insulation in practical operation is simulated. By designing and manufacturing a model test object, change of discharging phenomenological parameters and dielectric, physical and chemical properties of novel saturated reactor insulation material epoxy resin including local discharging characteristic quantities, broadband dielectric loss frequency spectrums and Fourier transform infrared spectrums before and after accelerated aging test is tested and analyzed, and the aging state is evaluated. The method can be an important detection means for performing delivery test on a novel saturated reactor by manufacturers and evaluating the aging state of the saturated reactor by electric power companies, the aging state of the saturated reactor is accurately evaluated, the overall running state of an ultrahigh voltage direct current power transmission system is further evaluated, and the method has important significance for improving reliability of a cross-regional high-capacity strong large power grid, reducing running and maintaining cost and the like.