This paper is aimed at the optimization of power transformer insulation via the improvement of the characteristics of the most commonly used insulating liquid, i.e., mineral oil. For that purpose, mixtures consisting of mineral oil and other insulating liquids (namely silicon and synthetic ester oils) are investigated. The main properties such as the heat transfer, breakdown voltage (BDV), aging stability and electrostatic charging tendency (ECT) of different mixtures as well as the liquids alone are compared. The heat transfer is studied by means of kinematic viscosity. The measurements of breakdown voltage are analyzed by means of Gaussian probabilities. The results of aging tests at controlled temperature and in contact with atmosphere are presented, as well as the ECT effect versus the oil humidity and resistivity. It is shown that the best mixture enabling optimization of the power transformer insulation, (i. e. improving the dielectric properties and the aging stability of mineral oil without degrading its viscosity and ECT), is that of mineral oil with 20% by volume of synthetic ester oil.