—This article proposes a new approach to study the frequency response and the transient analysis of power transformer windings. For improved accuracy, the suggested model includes, among other equivalent circuit elements, the mutual magnetic couplings between any winding turn and all others. This implies that the equivalent inductance of any considered turn will be a location-dependent parameter. Accordingly, the winding will be analyzed as a non-uniform transmission line. Through the application of a recursive circuit reduction technique, a closed-form Laplace s-domain analytical expression for the winding's input impedance can be obtained for any neutral treatment. The resulting expression can be used to determine the winding's series and parallel resonance frequencies. The s-domain expression for the input impedance, in connection with the numerical inverse Laplace transform, will be utilized for determination of the winding's time-domain transient response for any input voltage or current time waveform. Accuracy increases with the assumed number of winding sections, which can be even increased to the actual number of turns, limited only by the available computation resources. The results of case studies are in good agreement with those available in the literature using the time-domain solution of the simultaneous differential equations in the state variables.