Moisture is one of the most significant parameters that can accelerate ageing in paper/pressboard insulation. In order to understand the impact of moisture and ageing on Frequency Domain Spectroscopy (FDS) measurements, oil impregnated pressboard samples of different moisture contents are prepared and aged at 105°C temperature. FDS measurements on pressboard samples are carried out at different ageing time. Other measurements such as moisture, degree of polymerization (DP), Furan and Dissolved Gas Analysis (DGA) are also performed on oil and pressboard samples. It is observed that FDS measurements on pressboard samples are mostly influenced by the moisture contents. Several other pressboard samples are prepared under different conditions to determine how FDS measurements are affected by moisture, aged oil and ageing of pressboard sample considering each of the parameter individually as well as in different combinations. Results suggest that FDS measurements are sensitive to the change in moisture, ageing products and ageing of pressboard (DP) sample. However, impact of ageing products and ageing of pressboard sample (DP) on FDS measurements are smaller in comparison to moisture.