The invention relates to a method, a device and a system for fault simulation training of equipment in a transformer substation. The method for fault simulation training of equipment in the transformer substation comprises the following steps: obtaining a fault simulation state model; processing the fault simulation state model to obtain fault information data; overlapping the fault information data to equipment corresponding to a current three-dimensional virtual model in the transformer substation to generate an overlapped three-dimensional virtual model; generating a fault virtual scene according to the overlapped three-dimensional virtual model and pushing the fault virtual scene to a training display terminal for display; recording real-time action data of a training object; simulating operation of the training object on the equipment in the fault virtual scene according to the real-time action data to obtain a simulation training result. The method, device and system for fault simulation training of equipment in the transformer substation have the following beneficial effects: the scenes of primary and secondary equipment in the transformer substation are reproduced such that trainees can gain an understanding and master information on on-line operation in a timely manner; and therefore the training effect is improved.