Satellite remote sensing provides new insight into the large-scale changes within the Arctic sea ice cover. In this study, satellite-derived sea ice parameters (thickness and age) were explored to investigate age-dependent Arctic sea ice volume changes. Between 2003–2008 (ICESat) and 2011–2015 (CyroSat-2), Arctic Ocean sea ice experienced a net depletion of roughly ${\text{4.68}}\times {\text{10}}^{3}\,{\text{km}}^{3}$ during autumn (October–November) and about 87% (or ${\text{4.11}}\times {\text{10}}^{3}\,{\text{km}}^{3}$) is caused by the removal in multiyear ice (two years and older). In spring (February–March), the net ice depletion amounts to ${\text{1.46}}\times {\text{10}}^{3}\,{\text{km}}^{3}$, with the multiyear ice loss of ${\text{3.74}}\times {\text{10}}^{3}\,{\text{km}}^{3}$ and seasonal ice increment of ${\text{2.24}}\times {\text{10}}^{3}\,{\text{km}}^{3}$. Among multiyear ice loss, about 74% (autumn) and 93% (spring) of the loss were attributable to the depletion of the oldest ice type (5 years and older). Analyses also affirm that the marvelous volume loss of multiyear ice during cold months (October–May) in 2006/2007 and 2011/2012, along with the low replenishment of perennial ice as noted in the following autumns in 2007 and 2012, plays a major role in leading to a younger Arctic sea ice cover. Consequently, these processes together favors for the overall substantial volume loss observed in the Arctic sea ice cover.