The utility model discloses a novel handcart operating crank device of a transformer substation. The device comprises handcart operating crank rods and a variable speed cabinet. An input shaft end of the variable speed cabinet is provided with operating crank socket bases cooperating with the handcart operating crank rods. An output shaft end of the variable speed cabinet is matched with an operating crank socket base on a switch cabinet. A gear shifting transmission mechanism is disposed in the variable speed cabinet. The gear shifting transmission mechanism is formed by a pair of a big spur gear and a small spur gear which are meshed with each other, and a pair of a big bevel gear and a small bevel gear which are meshed with each other. Gear shafts of the big spur gear and the small spur gear extend out of the cabinet and both of the gear shafts can be used as input shafts. The big bevel gear and the big spur gear are mounted coaxially, and the small bevel gear is fixed on an output shaft. The device is relatively small in size, relatively light in weight, flexible in operation, relatively fast in speed, and reasonable in moment transmission. Compared with a conventional handcart operating crank, operation is more convenient and labor is saved.