In this paper, a method for multi-physics analysis of the temperature-dependent properties of an oil-immersed transformer is discussed. To couple thermal fields with electromagnetic and fluid fields, an algorithm employing a user defined function (UDF) is proposed. Using electromagnetic analysis, electric power loss dependent on temperature rise is calculated; these are used as input data for multi-physics analysis in order to predict the temperature rise. A heat transfer coefficient is applied only at the outermost boundary between transformer and the atmosphere in order to reduce the analysis region. To verify the validity of the proposed method, the predicted temperature rises in high-voltage (HV) and low-voltage (LV) windings and radiators were compared with the experimental values.