Abstract: In order to solve the problems of complex modeling of multi-winding transformer, difficult calculation of composite short-circuit impedance and circulating current, and long calculation time, a calculation method based on simplified transformer finite element model is proposed. This method can quickly and accurately calculate the composite short-circuit impedance and the corresponding short-circuit circulating current of the multi-winding transformer. Firstly, a simplified finite element model of the transformer is established, and the inductance matrix of the winding is obtained. Then, the relevant data are input into the calculation software for calculation to obtain the composite short-circuit impedance and the corresponding short-circuit circulation of the multi-winding transformer. In order to verify the accuracy of the calculation method, an example is verified. The results show that the method has high calculation accuracy and less time-consuming. By using this calculation method based on the simplified finite element model of the transformer, the difficulties in the calculation of the composite short-circuit impedance and circulating current of the multi-winding transformer can be effectively solved, which not only improves the calculation efficiency, but also provides accurate calculation results and has good engineering application value.