In this paper, both the equivalent circuit models of the radial mode and the coupled thickness vibration mode of the radial mode piezoelectric transformer are deduced, and then with the Y-parameter matrix method and the dual-port network theory, an improved equivalent circuit model for the multilayer radial mode piezoelectric transformer is established. A radial mode transformer sample is tested to verify the equivalent circuit model. The experimental results show that the model proposed in this paper is more precise than the typical model.