For the purpose of increasing the accuracy of power cable life forecasting and status assessment, improving its life cycle management process, this paper proposes a power cable online life forecasting method and status assessment system based on recurrent neural network and Internet of Things (IoTs). Power cable electrical insulation online monitoring system is established on the first place. Then, recurrent neural network and fuzzy analytical hierarchy process are used in the IoTs based power cable online status assessment architecture to proceed life forecasting and status assessment process. Lastly, example analysis is presented to verify the effectiveness and superiority of the methodology introduced in this paper. It is shown that artificial intelligence and IoTs will also have broad development and application prospect when combined with power cable life cycle management.