Medium frequency transformer (MFT) plays a key role in future power systems and new energy systems. It is very important for the safe operation of MFT to correctly calculate the temperature rise and hot spot position. According to the heat dissipation of transformer, the equivalent thermal network model of the core-type transformer is established in this paper. The traditional thermal network model ignores the heat dissipation of the magnetic core column and the inner surface of the yoke to the air. In this paper, the magnetic core column is divided into the air surrounding part and winding surrounding part. The heat dissipation on the inner surface of the yoke is further considered. The improved thermal network model is verified by finite element simulation. The results show that compared with the traditional thermal network model, the improved thermal network model proposed in this paper can more comprehensively analyse the temperature field distribution and calculate the node temperature more accurately.