The utility model relates to the field of transformer manufacturing, in particular to a novel magnetic shield cooling structure. The upper side and the lower side of the magnetic shield are both provided with an oil duct insulation board used for providing a transformer oil path. The portions, corresponding to the end of a magnetic shield, of the oil duct insulation boards are both provided with a first oil guide and cooling hole. A yoke cushion block and a cover are provided with second oil guide and cooling holes which correspond to the first oil guide and cooling holes. A communication groove enabling the oil guide and cooling holes in the upper side and the lower side of the magnetic shield to be communicated is formed in the yoke cushion block and located at the end of the magnetic shield. A first oil guide groove is formed between the second oil guide and cooling holes and the edge of the side, where the second oil guide and cooling hole is formed, of the side of the yoke cushion block. At least two second oil guide grooves are formed in the side, in contact with the yoke, of the yoke cushion block or the cover. The transformer oil paths are arranged on the surface and the end of the magnetic shield and the side, in contact with the yoke, of the magnetic shield respectively, the whole magnetic shield is cooled, a part of the magnetic shield is especially cooled at the same time, and therefore the cooling effect on the magnetic shield is fully guaranteed.