The thermal degradation kinetics and degradation products of IPBC during the heating process are investigated herein. Experiments were conducted at isothermal conditions from 60 °C to 150 °C. The remaining IPBC content was analyzed by high-performance liquid chromatography (HPLC) at specific time intervals for each test, and the kinetic model of IPBC thermal degradation was established. The thermal degradation products of IPBC were studied by ultra-performance liquid chromatography-mass spectrometry (UPLC−MS/MS). The results showed that thermal degradation of IPBC occurred at 70 °C, and the degradation rate increased significantly from 70 °C to 150 °C. The thermal degradation kinetics of IPBC conformed to the first-order reaction and $k=3.47\times {10}^{12}{e}^{-111125/RT}$ from 60 °C to 150 °C. Seven degradation products such as prop-2-yn-1-yl ethylcarbamate and methyl N-butylcarbamate were identified and the degradation reaction pathway and the mechanism of IPBC were proposed, which involved deiodination, demethylation, deethynylation, deethylation, and hydroxylation processes.