The paper presents an in-depth analysis of the power losses in the windings and the cores of two different transformers as applied to a phase-shifted full bridge (PSFB) converter at the power level of 20–25 kW and the switching frequency of 50 kHz. The main difference in the construction of the considered devices was the method of winding realization as well as the shape and material of the cores. The influence of the winding geometry on the conduction losses was analyzed, and the losses in the cores were analytically estimated, taking into account the operating conditions of these elements in the full-bridge system with phase-shift modulation. Original resistive models of windings made of cooper sheets are presented. The obtained results were verified by experimental tests carried out in an isolated full-bridge DC/DC converter.