The characteristics of commercially available refined and bodied linseed and tung oils, used as binders in the production of armour paints after historic recipes, are explored. Employed as anticorrosive paints mainly from the 1920s to 1960s, armour paints are greener alternatives that can be used for protection in industrial heritage conservation. Using a multi-analytical approach, chemical and physical properties of the fresh oils and solid films before and after accelerated ageing (ISO 16474-2:2013) were investigated to better understand which features are beneficial for the technical function of armour paints. Tests included measurements of density, the refractive index, insoluble impurities, alkaline impurities, the water content, the iodine value, the saponification value, the free fatty acid concentration, the acid value, the peroxide value and colour (Lovibond) and cold tests. The characterisation of the fresh oils using molecular analysis with FTIR and GC-MS revealed the complexity of the commercial formulations, for which additions of semi- and non-drying oils were detected. The results show that organic paint binders follow complex chemical reactions (such as oxidation and decrease of unsaturation being variable or swelling following water-immersion tests), with implications for their suitability for use in protection.