The present disclosure provides a transformer module and a power module, wherein the transformer module comprises: a magnetic core, a first metal winding and a second metal winding. A first wiring layer, a first insulating layer and a second wiring layer are sequentially disposed on the magnetic core from the outside to the inside; the first metal winding is formed on the first wiring layer and winded around the magnetic core in a foil structure; the first insulating layer is at least partially covered by the first metal winding; a second metal winding is formed on the second wiring layer and winded around the magnetic core in a foil structure, wherein the second metal winding is at least partially covered by the first insulating layer, and is at least partially covered by the first metal winding.