Condition monitoring of the system is important, historical data is available for the system but we cannot always depend on it for near-net prediction of system failure.  In this paper, oil properties analysis & ferrography analysis is used to maintain & extend the life of the system. Due to sliding motion in the case of a single-speed worm gearbox temperature increases and it leads to a decrease in the performance of oil properties. As result the overall performance of the gearbox gets affected. In oil property analysis, response parameters like viscosity index, and TAN  are analyzed, whereas Direct reading ferrography offers parameters like large particle count & small particle count , Wear Severity Index, & Wear Particle Concentration. Analytical ferrography gives us morphology related to wear particles. Microscopic examination of wear particles helps to find out the type of wear & source of wear. As per industrial application, the speed of the gearbox, the geometry of gear pairs, the material of gears, & oil level, the type of lubricating oil & load on the gearbox determines the process input parameters. On the basis of the required process parameters, an experimental setup using a single-speed worm gearbox is developed. Oil examination is carried out at fixed time intervals for recording response parameters. The oil samples obtained by experimentation can be examined through oil properties analysis & ferrography analysis. Current study includes formulating relation of oil properties to the wear of gear pairs to make a condition-based maintenance policy to maintain & extend the life of the gearbox.