Based on the profiled soil physical/chemical and hydraulic properties measurement, the characteristics of water percolation and conservation in different aged paddy fields in the Jianghan Plain were investigated, and the paddy fields were of 17 years (new paddy field, NF) and more than 100 years (old paddy field, OF), respectively. The results were as follows: (1) Water percolation was more likely to occur in the NF. The higher average saturated hydraulic conductivity (Ks) in the NF (32.05 cm/d) was observed than that in the OF (17.91 cm/d). The highest Ks was observed in the plow layer, followed by the subsoil layer, and the lowest Ks was in the plough pan. The Ks of plow layer was 6.3 and 5.7 times of the plough pan and subsoil layer for the NF, and 6.9 and 4.0 times for the OF, respectively. (2) Higher water capacity was observed in the OF than that in the NF. The highest water capacity was identified in the plough pan, followed by the subsoil layer, and the lowest was found in the plow layer. However, the macropore distribution showed the opposite law. (3) The available water content decreased with the decreasing soil depth in the NF and OF, with higher values observed in the OF. In addition, higher total water capacity and flooding control capacity were also observed in the OF. The water shortage stress and groundwater pollution risk were increased by the land transformation from the non-irrigated farmland to the paddy field.