The invention discloses a method and a system for evaluating the life of an insulation material for saturable reactor aging. The method comprises the steps of acquiring the breakdown time of the insulation material when an external electric field uniformly increases based on an aging acceleration test of the insulation material for saturable reactor aging; obtaining the breakdown time of the insulation material at the constant voltage based on the relation between the breakdown time of the insulation material when an external electric field uniformly increases and the breakdown time of the insulation material determined through experiments in advance at the constant voltage; and evaluating the life of the insulation material according to the breakdown time of the insulation material at theconstant voltage and the field intensity of the aging accelerated test. According to the technical method, the life of the insulation material and the saturable reactor as a whole is evaluated from the test results, thereby being beneficial to improving the reliability of the saturable reactor, performing optimization design on the life of a converter valve and satisfying the increasing demand ofpower transmission capacity and having strong engineering application values.