With the economic and social development, China has changed from the initial demographic dividend to an aging population, and governments at all levels have introduced a series of policies to cope with the negative effects caused by the aging population. This paper collects a total of 167 pension policy documents from 2010 to 2020, and uses text mining techniques to systematically study the characteristics and evolutionary trends of pension policies in terms of issuing agencies and contents. The conclusions drawn in this paper are as follows: First, the Ministry of Civil Affairs and other departments play a major role in the formulation of pension policies. Second, the pension policies formulated by the government during the study cycle are biased toward public service aspects, and the content of medical care, investment, and pensions is mainly indirectly focused on a cyclical basis. The findings of this paper can help the government to check the gaps and improve the existing policy system, and the research methodology can help the government to make more scientific decisions.