The invention discloses a method for simulating faults of a power transformer. According to a current mode and method for simulating the internal faults of the transformer, a returned transformer is commonly utilized to conduct fault simulation tests, or the fault stimulation tests are directly conducted in oil in the transformer, workload is large, fault modules need to be frequently replaced, and the simulation effect is poor. According to the method for simulating the faults of the power transformer, an electric power simulation transformer structure and a transformer fault model are used as the foundation, generation, disappearance and intensifying of transformer partial discharge faults and winding deformation faults are directly controlled outside a transformer body through an external regulation control method, and regulation can be safely conducted in the boosting process. By the adoption of the method for simulating the faults of the power transformer, the trouble of replacing the fault model in the fault simulating process is avoided, generation time and intensity of the faults in the boosting process can be conveniently regulated and controlled, and the method is accurate and efficient.