The invention discloses a test device for excitation characteristic of a voltage transformer, and aims to provide the test device, capable of improving test accuracy, for the excitation characteristicof the voltage transformer. The test device comprises a power frequency voltage source and a DC current source, wherein the power frequency voltage source comprises a power frequency voltage source front-stage switch, a power frequency voltage source voltage regulator, a power frequency voltage source post-stage switch, a power frequency transformer, an AC loop capacitor, an AC loop resistor, a protection device, a power frequency voltage divider high-voltage arm capacitor, a power frequency voltage divider low-voltage arm capacitor, a power input voltmeter, a power frequency transformer primary voltmeter, a power frequency voltage divider voltmeter and a transformer primary ammeter, the power frequency voltage source front-stage switch is arranged at a primary side of the power frequencyvoltage source voltage regulator, the power frequency voltage source post-stage switch is arranged at a secondary side of the power frequency voltage source voltage regulator, a primary side of the power frequency transformer is connected with the secondary side of the power frequency voltage source voltage regulator, and one end of the power frequency voltage divider high-voltage arm capacitor is connected with an A terminal of a secondary side of the power frequency transformer.