The interturn short circuit fault is one of the common faults in power transformers. At present, research on interturn short circuit faults focuses on high, medium, and low voltage windings, while there is relatively little research on interturn short circuit in regulating windings. Specifically, there is a lack of reported studies on the transient electromagnetic processes, magnetic field distribution, and electromagnetic force characteristics of interturn short circuits in regulating windings unconnected to the circuit. This study presents an actual fault scenario involving interturn short circuits occurring in the untapped portion of the regulating windings of a specific power transformer. A field-circuit coupled model was established to analyze the transient electromagnetic processes during the fault, and the model’s effectiveness was validated by comparing its results with actual fault recording data. Additionally, the magnetic field distribution and electromagnetic force characteristics during the fault were analyzed, and discussions were carried out regarding various ratios of short-circuit turns in the regulating windings. The results indicate that even when an interturn short circuit occurs in the portion of the regulating winding that is not connected to the circuit, the current in the short-circuited turns can reach several tens of times the rated value. Additionally, the leakage magnetic field and the electromagnetic force experienced by the short-circuited ring also increase significantly. The short-circuit ratio has a significant impact on the current of the short-circuited ring, leakage magnetic field intensity, and electromagnetic force. This study contributes to a better understanding of the impact of interturn short-circuit faults in the untapped portion of the regulating windings, offering crucial technical support for fault diagnosis and prevention of power transformers.