The optimal and secure operation of electrical power system is largely affected by the reliability of power transformers in operational and economic terms. The continuous monitoring of power transformer is crucial for ensuring the quality of electrical power supply. Hence, the thermal modeling of power transformer is very essential to prevent their failure. This paper aims to design thermal models of operating power transformer by considering the two external influencing parameters of solar irradiation and wind flow. This paper presents a Bond Graph (BG) method-based design of thermal models for power transformer under operating condition by comparison with the results obtained from IEEE Std. based thermal models and also with the practical readings. The models have been implemented on a 5MVA, 33/11 kV power transformer running at 33 kV Substation, Sardarpura, Jodhpur, by initially considering the input hourly dataset of load and ambient temperature. The designed thermal models were subsequently updated by integrating the impact of solar radiation and wind incident on the surface of power transformer. Comparative study of all the designed thermal models has been done that indicates improved accuracy of the model if the impact of solar radiation and wind flow are included. Also, the effectiveness of the BG based thermal models in accurately predicting the system behaviour validates their applicability for real world engineering applications.