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The rapid development of modern industry cannot be separated from the support of large power equipment such as transformers. Transformers need to maintain high reliability to provide power support, and adopting a reasonable maintenance strategy is one of the important methods to maintain high reliability. At present, maintenance strategy research around transformers mainly focuses on transformer groups, single equipment or components, and lacks specialized research on specific failure modes. The overall maintenance strategy had the problem of insufficient identification and prevention of specific failure, which led to insufficient focus on resource investment. Traditional risk analysis methods insufficiently consider some risk factors and weight allocation. Therefore, this study considers specific failure modes of transformers and obtains a cost-oriented maintenance strategy for failure modes based on an improved risk analysis method. This study provides a new method for maintenance management of transformers, which helps to allocate maintenance resources reasonably and reduce maintenance costs.