Liquid insulation media is used for insulation and cooling purpose inside the transformer. Currently, transformers are using petroleum based mineral oil, which poses a serious hazardous environmental impact, since the mineral oil is non-renewable and non-biodegradable. Although, the increased cost and depleting nature of mineral oil cause an emergent need to use suitable alternatives to mineral oils that are biodegradable and environmentally friendly. In response to this resource issue, various vegetable oils, namely Sunflower oil, Soya bean oil, and a blend of Sunflower and Olive (BSO) oil are suitable alternatives for transformer insulation in high voltage systems. The afore-mentioned vegetable oils are subjected to multi-aging and comparative analysis is performed with mineral oil. Further, the dielectric and thermal properties of vegetable oils are tested before and after aging. Fourier Transform Infrared spectroscopy, water content, breakdown voltage, viscosity, flash point, tan delta, and pour point tests are performed on vegetable oils before and after aging. Finally, a comparative analysis of vegetable oils with mineral oil is provided to prove the efficacy of the proposed vegetable oils. The BSO oil resulted in higher breakdown strength and good thermal behavior when subjected to the abovementioned various diagnostic measurement tests in comparison to other oils.