This article presents an on‐chip reconfigurable transformer to obtain low loss performance in both high‐power (HP) and low‐power (LP) modes. In this configuration, according to the output power level, the number of segments of the primary winding is selectively chosen to change the input impedance of the transformer. The multimode operation of the proposed transformer is analyzed using the proposed segment‐based lumped model. In addition, the corresponding complete segment‐based lumped model is developed to estimate its performance accurately. The reconfigurable transformer is fabricated using GaAs HBT technology. The modeled and measured results are consistent. The measured insertion losses at 2.4 GHz are 0.96 and 0.85 dB in the HP and LP modes, respectively. The measured impedance transformation is from a load of 50 to 7.7 Ω in the HP mode, while it is from a load of 50 to 21.1 Ω in the LP mode.