An elaborate method to analyze the high-frequency behavior of transformer windings by means of the multiconductor transmission line (MTL) method is presented. A procedure for the evaluation of per-unit length parameters for transformer windings (TWs) is enumerated, which is not available in existing literature on the subject. A full-length detailed solution of the MTL method for TW is also demonstrated. A comparison of this method with the conventional circuit approach is illustrated wherever necessary. The analysis of two types of commonly used interleaved windings is performed in this paper. It is also inferred from experimental results that a conventional low-voltage impulse test is insufficient to make a distinction between the two windings. As far as interwinding oscillations at high-frequency excitations are concerned, it also proved by the MTL analysis that one type is better than the other.