This task‐force paper documents and summarizes the models of power transformers that have been proposed, used, and validated in the exercise of digital real‐time simulation. Power transformer is one of the most important equipment in power systems, and its modelling for electromagnetic transient simulation has evolved over time, especially in the area of real‐time simulation. The focus of the paper is to document and archive the models that have been well accepted and used for transient analysis in digital real‐time simulation so that readers can use it as a master document for transformer modelling in real‐time simulation studies. It includes both conventional and specialized models of power transformers that have been broadly acknowledged by the power engineering community. The models provided here come with detailed mathematical representation and their implementation techniques. A comparative study is also performed to illustrate the differences in their performances. In the end, an application guideline has been provided to guide the readers to select the appropriate model for their study.