Power transformers play an indispensable component in AC transmission systems. If the operating condition of a power transformer can be accurately predicted before the equipment is operated, it will help transformer manufacturers to design optimized power transformers. In the optimal design of the power transformer, the design value of the magnetic flux density in the core is important, and it affects the efficiency, cost, and life cycle. Therefore, this paper uses the software of ANSYS Maxwell to solve the instantaneous magnetic flux density distribution, core loss distribution, and total iron loss of the iron core based on the finite element method in the time domain. In addition, a new external excitation equation is proposed. The new external excitation equation can improve the accuracy of the simulation results and reduce the simulation time. Finally, the three-phase five-limb transformer is developed, and actually measures the local magnetic flux density and total core loss to verify the feasibility of the proposed finite element method of model and simulation parameters.