We measured the permittivity and electromagnetic wave propagation velocity of used insulation oil with wide frequency range including ultra-high frequency by time domain reflectometry. The permittivity or propagation velocity is essential for locating discharge faults of oil filled power transformer. We derived 2.21 as a permittivity and $2.03{ imes}10^8 m/s$ as a velocity from the measurement of pulse travelling time along a coaxial line filled with used insulation oil or air. The permittivity measurement system we designed shows high measurement accuracy and the convenience for field use.