A three-dimensional analysis of the leakage magnetic field in a transformer with beveled edges in a magnetic shunt is described. This paper contains a mathematical description of the finite element method used in performing numerical calculations. Formulas allowing to determine the differential and integral parameters of the magnetic field were presented. Magnetic flux density distributions and the points with high values were determined in the shell-type core and movable shunt sub-areas. For different positions of the magnetic shunt, the short-circuit transformer reactance was calculated as the integral parameter of the above-mentioned magnetic field analysis. Their amounts for the extreme positions of the shunt were given, as well. The movable magnetic shunt geometry impact on the short-circuit current value is given. In order to validate the calculation results, the research included some point measurements of magnetic flux density vectors and the winding reactances as well, and good compliance with the simulation data has been obtained. Thus, this analysis can also be applied to other objects with movable shunts in their magnetic systems.