This paper calculates the core and copper losses as heating sources of a 24MVA cast resin transformer, and analyzes the thermal distribution of the transformer to find out its hot-spot area by FEM program. Since the winding of the transformer is composed with many series and parallel circuits, the analyzing model of the winding is simplified and modelled by axi-symmetric domain. As the results, the maximum temperature is estimated by $137^{circ}C$ in the upper part of the low-voltage winding. The maximum temperature has discrepancy of approximately $10^{circ}C$, which is able to be considered as an acceptable error range in the design stage of power transformers. For the overall pattern of the temperature distribution is almost same as test results, the analyzing method can be a useful tool to find out a hot-spot area of the winding.