The invention provides a transformer with an excitation reactance adjustable function and belongs to the technical field of electrical equipment. According to the direct-current magnetic saturation adjusting transformer magnetizing current method and the split type exciting winding structure involved in the embodiment, variable voltage, power transmission and excitation reactance adjustable functions of the transformer are effectively fused. Excitation reactance of the transformer replaces a traditional adjustable reactor to carry out power grid sensibility reactive dynamic compensation, the number of devices in a system is reduced, reliability is improved, resources are saved, and operating cost is saved.