Traction oil-immersed bushing is the only channel for connecting the high-speed railway system with the external power grid, and its transient hot spot is one of the most important factors reflecting its operation status. Since the traction load of a high-speed railway has obvious impulse characteristics, the existing calculation method for bushing given in IEEE Std C57.19-100™-2012 is incompatible because it is designed for steady electrical loads. Thus, in this paper, the equivalent hot spot temperature rise of the bushing under varying traction loads is calculated by the traction parameters (i.e., operating time <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">T<sub>ot</sub></i> , interval time <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">T<sub>it</sub></i> , and per unit transient traction current <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">I<sub>tc</sub></i> ). Then, the difference value of transient hot spot temperature rise is modified by analyzing the change of transient hot spot temperature rise under varying traction loads. Finally, a calculation method is proposed for the transient hot spot temperature rise of the oil-immersed bushing in high-speed railway under different traction loads. A case study of a 110 kV oil-immersed bushing shows that the proposed method is speedy and accurate.