The present invention refers to a system and method for monitoring and controlling the operational condition of a power transformer. The system for monitoring and controlling the operational condition of a power transformer comprised at different substations comprises a plurality of substations, each substation comprising a control panel linked to at least one power transformer, said control panel receives data referring to the measurements of parameters of said at least one transformer, and a monitoring center comprising an engineering server, an internet server and software that does the communication of said engineering server to said internet server, said engineering server being in communication with control panels of each of the substations and said internet server provides remote access to the system to the users of the system. The method of the present invention comprises the steps of (a) continuously measuring parameters of a plurality of power transformers comprised at a plurality of substations; and (b) storing the data referring to the measurements performed in step (a) at a database only when said measurements are not within a range of values that were previously determined as desirable for the measurements of said parameters; and (c) making the measurements of the parameters performed in step (a) available at one single physical location. The invention further provides a monitoring center that allows the follow up of the condition of operation of several power transformers located at several substations.