Abstract: Insulation materials are ubiquitous in industrial production and daily life. Due to the huge uncertainties of their working environments, insulation materials are easily damaged and difficult to maintain during the use. The research of self-healing materials has received much attention in recent years. The development of insulation materials with self-healing function can not only save the economic damage caused by failure and repair, but also protect people’s lives. Different applications of self-healing insulation materials are reviewed, and research on the application of self-healing technologies such as microcapsules and dynamic bonds in the field of insulation materials are described. The structure and properties of self-healing insulation materials are analyzed, and the advantages and disadvantages of various self-healing insulation materials are summarized, thus providing new ideas and directions for the further applications of self-healing insulation materials. In addition, in order to realize the intelligent development of self-healing insulation materials, the research progress of new self-healing materials that can provide direction for the further development of self-healing insulation materials are also reported, mainly from the perspectives of excellent dynamic properties and multiple dynamic properties, to further expand the research field of self-healing insulation materials. The development prospect and direction of self-healing insulation materials in the future are prospected. It could serve as a guide for the further developments in materials science.