The characteristics of EPDM waterproofing membrane are analyzed. Due to the effect of heat and oxygen, aging occurs to EPDM waterproofing membrane with a protective layer to some extent. And the decline of mechanical properties and plasticizer migration are particularly outstanding, resulted in a reduction in service life of the material. Unaged and aged samples were tested by SEM and FTIR. Furthermore, by using accelerated thermal aging and thermal analysis kinetic method, mode of EPDM waterproofing membrane between performance indicators and service life under certain conditions was established to predict its service life, which provides technical support for architectural design, building construction and material research.