The present disclosure provides a transformer module and a power module, wherein the transformer module comprises: a magnetic core, where a first insulating layer and a second wiring layer are sequentially disposed on the magnetic core from inside to outside; a first metal winding, wound around the magnetic core and comprising a first winding segment formed in the first wiring layer and a second winding segment formed in the second wiring layer; and a second metal winding, wound around the magnetic core and comprising a third winding segment formed in the first wiring layer and a fourth winding segment formed in the second wiring; where at least part of the first metal winding and the second metal winding are wound around the magnetic core in a foil structure.