The invention relates to a portable transformer lifting device which comprises a fixing assembly (2), a lifting arm (3) and a walking trolley (61).The fixing assembly (2) comprises an upper hold hoop assembly (21) and a lower hold hoop assembly (22), the lifting arm (3) is welded to the lower hold hoop assembly (22), a hanging lug opening (32) is formed in the top end of the lifting arm (3), one end of a diagonal stay rope (41) is fixed to the hanging lug opening (32), and the other end of the diagonal stay rope (41) is fixed to the upper hold hoop assembly (21); an amplitude changing assembly (5) comprising the walking trolley (61) is installed on the lifting arm (3), a steering assembly (7) is installed below the lower hold hoop assembly (22), the lifting arm (3) is further provided with a balance arm assembly (8) provided with a weight box (84).The invention aims at solving the technical problem of providing a device which is convenient to assemble and install, light in weight, universal in part, capable of integrating the steering protection function and the lifting overweight alarming function into a whole and capable of ensuring equipment to be safe and reliable during the working process, increasing the equipment use rate and widening the use range.