The invention provides a transformer health state analysis method which comprises the following steps: regarding a normal aging health state and an insulation operation health state of a transformer as health index analysis targets, and determining weight assignments of the two correspondingly; in the normal aging state, obtaining the health index of the transformer body; in the insulation operation state, selecting a plurality of index systems, obtaining the health index of each selected index system and the corresponding weight values according to a preset processing rule, and obtaining a new weight value of each selected index system according to the weight assignment of the insulation operation; and calculating the product of the weight assignment of the normal aging and the health index of the transformer body, and calculating the product of the health index of each index system selected under the insulation operation state and the corresponding new weight value, and regarding the sum value obtained by accumulating the plurality of calculated products as a comprehensive health index. The method can improve accuracy and reliability of health state assessment and defect diagnosis of the transformer, and provides information support and technological base guarantee for intelligent decision and analysis of a smart power grid.