The lifetime of deep-ultraviolet light-emitting diodes (LEDs) is still limited by a number of factors, which are mainly related to semiconductor defects, and still need to be clarified. This paper improves the understanding of UV LED degradation, by presenting an analysis based on combined deep-level transient spectroscopy (C-DLTS), electro-optical characterization, and simulations, carried out before and during a constant current stress test. The original results of this paper are (i) C-DLTS measurements allowed us to identify three traps, two associated with Mg-related defects, also detected in the unaged device, and one related to point defects that were generated by the ageing procedure. (ii) Based on these results and on TCAD simulations, we explain the variation in the forward I–V by the degradation of the p-contact, due to Mg passivation. (iii) On the other hand, optical degradation is ascribed to an increase in defectiveness of the active region and surrounding areas, which led to a decrease in injection efficiency, to an increase in non-radiative recombination, and to an increase in trap-assisted tunneling processes.