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