Solid-state klystron modulators are typically based on oil-immersed high-voltage (HV) pulse transformers because of their high performance, robustness, simplicity, and straightforward design. However, pulse transformer size is fundamentally linked to application pulse length, pulse power, and pulse rise time. For high-power applications transformer size quickly becomes very problematic when approaching pulse lengths on the order of one millisecond. This article presents a systematic study of the applicability of HV pulse transformers for such long-pulse high-power applications. Both the single-layer and pancake winding techniques are evaluated, keeping reduction of transformer volume as the main design objective. First, design models and efficient optimization procedures are developed. The proposed models are validated through circuit simulation, 3-D finite element analysis, and comparison with a commercial HV long-pulse transformer. Then, the developed optimization procedure is used in studying the evolution of pulse transformer size when pulse length is varied from 500 μs to 5 ms assuming peak pulse power requirements corresponding to that of the European Spallation Source (ESS) klystron modulators (115 kV, 100 A, 14 Hz). Finally, the developed trends are used to derive general analytical equations expressing maximum attainable pulse length as a function of application parameters and system constraints.