The evaluation and estimation of the electric and magnetic field (EMF) intensity in the vicinity of overhead transmission lines (OHTL) is of paramount importance for residents’ healthcare and industrial monitoring purposes. Using artificial intelligence (AI) techniques makes researchers able to estimate EMF with extremely high accuracy in a significantly short time. In this paper, two models based on the Artificial Neural Network (ANN) have been developed for estimating electric and magnetic fields, i.e., feed-forward neural network (FFNN) and cascade-forward neural network (CFNN). By performing the sensitivity analysis on controlling/hyper-parameters of these two ANN models, the best setup resulting in the highest possible accuracy considering their response time has been chosen. Overall, the CFNN achieved a significant 56% reduction in Root Mean Squared Error (RMSE) for the electric field and a 5% reduction for the magnetic field, compared to the FFNN. This indicates that the CFNN model provided more accurate predictions, particularly for the electric field than the proposed methods in other recent works, making it a promising choice for this application. When the model is trained, it will be tested by a different dataset. Then, the accuracy and response time of the model for new data points of that layout will be evaluated through this process. The model can predict the fields with an accuracy near 99.999% of the actual values in times under 10 ms. Also, the results of sensitivity analysis indicated that the CFNN models with triple and double hidden layers are the best options for the electric and magnetic field estimation, respectively.