The invention discloses a transformer simulation model for accurately simulating characteristics of an iron core. The model simulates excitation characteristics of the iron core of a transformer through a hysteresis loop, can accurately simulate hysteresis characteristics of the iron core, further improves the accuracy of electromagnetic transient simulation of a power system, and simulates the influence of transformer iron core remanence on the power system by setting an remanence value of the iron core. In addition, the transformer simulation model adopts a current source to simulate an excitation branch of the transformer and does not change a system matrix of simulation software in the simulation process, so that the simulation speed is improved.