<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2013-12-18</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0000874761</issuerCik>
        <issuerName>AES CORP</issuerName>
        <issuerTradingSymbol>AES</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001486353</rptOwnerCik>
            <rptOwnerName>Terrific Investment Corp</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>NEW POLY PLAZA, 25TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2>NO.1 NORTH CHAOYANGMEN STREET</rptOwnerStreet2>
            <rptOwnerCity>BEIJING</rptOwnerCity>
            <rptOwnerState>F4</rptOwnerState>
            <rptOwnerZipCode>100010</rptOwnerZipCode>
            <rptOwnerStateDescription>CHINA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Former 10% Owner</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001468702</rptOwnerCik>
            <rptOwnerName>CHINA INVESTMENT CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>16F-19F, NEW POLY PLAZA</rptOwnerStreet1>
            <rptOwnerStreet2>NO.1 NORTH CHAOYANGMEN STREET</rptOwnerStreet2>
            <rptOwnerCity>BEIJING</rptOwnerCity>
            <rptOwnerState>F4</rptOwnerState>
            <rptOwnerZipCode>100010</rptOwnerZipCode>
            <rptOwnerStateDescription>CHINA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Former 10% Owner</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2013-12-18</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>20000000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>12.912</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>105468788</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2013-12-18</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>46000000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>13.181</value>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>59468788</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The price represents 96% of the public offering price of $13.450 per share of Common Stock (&quot;Common Share&quot;) of The AES Corporation (the &quot;Issuer&quot;).</footnote>
        <footnote id="F2">These securities are beneficially owned directly by Terrific Investment Corporation, and indirectly by China Investment Corporation. CIC is the parent of CIC International Co., Ltd. (&quot;CIC International&quot;), which is the parent of Terrific and another wholly-owned subsidiary.</footnote>
        <footnote id="F3">CIC International is the parent of another wholly owned subsidiary, which beneficially owns 420,830 Common Shares of the Issuer. These Common Shares may be deemed to be beneficially owned indirectly by China Investment Corporation.</footnote>
        <footnote id="F4">The price represents the public offering price of $13.450 per Common Share less the underwriters' discount of $0.269 per Common Share.</footnote>
        <footnote id="F5">These securities are beneficially owned directly by Terrific Investment Corporation, and indirectly by China Investment Corporation. CIC is the parent of CIC International, which is the parent of Terrific and another wholly-owned subsidiary.</footnote>
        <footnote id="F6">CIC International is the parent of another wholly owned subsidiary, which beneficially owns 420,830 Common Shares of the Issuer. These Common Shares may be deemed to be beneficially owned indirectly by China Investment Corporation.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Li Keping, Executive Director and President of Terrific Investment Corporation</signatureName>
        <signatureDate>2013-12-18</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Ding Xuedong, Chairman and Chief Executive Officer of China Investment Corporation</signatureName>
        <signatureDate>2013-12-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
