In this paper we report on recent improvements in phase noise and frequency stability of a 10 GHz opto-electronic oscillator. In our OEO loop, the high Q elements (the optical fiber and the narrow bandpass microwave filter) are thermally stabilized using resistive heaters and temperature controllers, keeping their temperature above ambient. The thermally stabilized free running OEO demonstrates a short-term frequency stability of 0.02 ppm (over several hours) and frequency vs. temperature slope of −0.1 ppm/°C (compared to -8.3 ppm/°C for non thermally stabilized OEO). We obtained an exceptional spectral purity with phase noise level of -143 dBc/Hz at 10 kHz of offset frequency. We also describe the multi-loop configuration that reduces dramatically the spurious level at offset frequencies related to the loop round trip harmonic frequency. The multi-loop configuration has stronger mode selectivity due to interference between signals having different cavity lengths. A drop of the spurious level below −90 dBc was demonstrated. The effect of the oscillator aging on the frequency stability was studied as well by recording the oscillator frequency (in a chamber) over several weeks. We observed reversal in aging direction with logarithmic behavior of A ln(B t+1)-C ln(D t+1), where t is the time and A, B, C, D are constants. Initially, in the first several days, the positive aging dominates. However, later the negative aging mechanism dominates. We have concluded that the long-term aging behavioral model is consistent with the experimental results.