This article presents the results of an experimental verification of three-phase Dy transformer dynamics under no-load conditions. This study is motivated by previous ferroresonance analyses where the occurrence of inrush currents has been observed. The measurements covered all available electrical quantities in a transient state (12 measured and 3 additionally computed waveforms) during the device’s start-up under no-load conditions, as well as in a long-term steady state. A detailed analytical analysis is carried out for the obtained comprehensive set of measurement results. As a result of the conducted research, the mathematical model of the pre-magnetized three-phase Dy transformer is modified. Particular attention is paid to the issue of residual magnetism of the transformer core and its consideration in further research. The original strategy for energizing a three-column three-phase Dy transformer with a suitable pre-magnetization of its columns and original control switching system with a given/set value of the initial phase in the supply voltage is put to the test. The evolution of the induced inrush phenomenon up to the quasi-steady state under given (forced) conditions is documented (currents, voltages and the dynamics of changes taking place in the core (hysteresis loops)). This article represents a continuation of ongoing work on the study of transient states (dynamics of transformer inrush currents). At present, the Dy three-phase transformer is analyzed because of the requirements of industrial operators.