To fill the shortages in the knowledge of the pyrolysis and combustion properties of new and aged polyvinyl chloride (PVC) sheaths, several experiments were performed by thermogravimetric analysis (TG), Fourier transform infrared (FTIR), microscale combustion calorimetry (MCC), and cone calorimetry. The results show that the onset temperature of pyrolysis for an aged sheath shifts to higher temperatures. The value of the main derivative thermogravimetric analysis (DTG) peak of an aged sheath is greater than that of a new one. The mass of the final remaining residue for an aged sheath is also greater than that of a new one. The gas that is released by an aged sheath is later but faster than that of a new one. The results also show that, when compared with a new sheath, the heat release rate (HRR) is lower for an aged one. The total heat release (THR) of aged sheath is reduced by 16.9–18.5% compared to a new one. In addition, the cone calorimetry experiments illustrate that the ignition occurrence of an aged sheath is later than that of a new one under different incident heat fluxes. This work indicates that an aged sheath generally pyrolyzes and it combusts more weakly and incompletely.