The growing demand for sustainable lubricant solutions is driving the exploration of bio-based materials that deliver comparable performance to conventional, primarily fossil-based lubricant chemistries. This study focuses on squalane as a sustainable base oil, which can be derived from different renewable sources. A total of two squalane products were evaluated for thermal-oxidative stability and benchmarked against a polyalphaolefin, PAO 4, of the same total carbon number. Oils artificially altered in a closed reactor were sampled and subjected to conventional lubricant analyses, including infrared spectroscopy, to determine the changes due to autoxidation over time. For in-depth information, direct-infusion high-resolution mass spectrometry and gas chromatography coupled with triple quadrupole mass spectrometry were employed to identify degradation products from thermo-oxidative stress. The results revealed substantial variability in the stability of squalane products, suggesting that differences in raw materials and production processes have a major impact on their performance, including rheological properties. The degradation products of polyalphaolefin and squalane, identified through detailed mass spectrometry, were analyzed to understand their impact on conventional physicochemical properties. While polyalphaolefin predominantly generated carboxylic acids with short to medium chain lengths as degradation products, squalane oxidation produced carboxylic acids with medium to long chain lengths as well as several alcohols and ketones. Despite these differences, squalane demonstrates its potential as a non-fossil hydrocarbon base oil, as squalane products matched and even exceeded PAO 4 stability.