The invention discloses a rotating arm type hoisting device for a transformer substation. The rotating arm type hoisting device comprises a rotary column (7), a stand column (9), a cross beam (3), a coiling block (4) and a moving trolley (5), wherein the cross beam is fixed on the stand column; a rotating wheel (2) is arranged at one end of the cross beam, and a balancing weight (6) is arranged at the other end of the cross beam; the moving trolley is arranged on the cross beam; the coiling block is arranged on the moving trolley; a rope on the coiling block winds the rotating wheel; a rotary sleeve (10) is arranged at the lower end of the stand column; a connecting shaft (24) at the lower end of the rotary column enters the upper end of the stand column through plane bearings (17) arranged at an interval and is movably connected with the stand column; a gland (14) is fixedly arranged at the upper end of the stand column; a wear-resisting plate (3) is arranged in the gland; annular oil grooves (18) are formed in the upper surface of the wear-resisting plate at intervals; an oil through groove (15) and an oil injection hole (13) are formed between the annular oil grooves. The rotating arm type hoisting device disclosed by the invention enables the rotary column to be flexibly rotated on the stand column, is compact and simple in structure, convenient to use and maintain, free of limitation in use generally, safe and reliable.