The invention relates to a transformer thermal ageing real-time simulation measurement device and application thereof. The measurement device is connected with a transformer, and comprises a shell. The transformer comprises a transformer oil tank. The shell is connected with the transformer oil tank and filled with insulating oil. The measurement device further comprises a hot-point temperature-rise simulation unit and an insulation paper ageing simulation unit which are both arranged in the shell. The input end of the hot-point temperature-rise simulation unit is connected with the transformer. The output end of the hot-point temperature-rise simulation unit is connected with the insulation paper ageing simulation unit. During working, the temperature of the shell and the oil temperature of the transformer oil tank are consistent, the hot-point temperature rise in the transformer is simulated in real time through the hot-point temperature-rise simulation unit, and therefore the running state of the transformer is simulated in real time in the measurement device, and the thermal ageing state of the transformer is simulated through the insulation paper ageing simulation unit. Compared with the prior art, the measurement device has the advantages of being accurate in measurement, free of damage to a transformer mechanism and the like.