This research develops a numerical fire model for a converter transformer utilizing the Fire Dynamics Simulator (FDS). The model’s accuracy was validated through comprehensive evaluations of temperature distribution, radiative heat transfer, and mass burning rate. Additionally, the cooling efficacy of fire-resistant coating and fine water mist with varying droplet sizes was investigated. The results indicate that fireproof coating significantly reduces the surface temperature of the transformer, thereby enhancing its fire resistance. Specifically, temperature reductions of 57.68%, 45.63%, 37.78%, and 36.78% were recorded at different facade heights. Furthermore, the cooling performance of fine water mist is strongly influenced by droplet size, primarily due to thermal buoyancy effects. Larger droplets (400 μm) exhibited the most efficient cooling effect directly beneath the spray, achieving temperature reductions of up to 67%. In contrast, smaller droplets (100 μm) showed diminished cooling performance in certain regions, owing to the compensatory buoyancy of hot air, even resulting in an 11% temperature increase in some cases. During the flame stabilization phase, the mass burning rate stabilized between 0.056 kg/(m2·s) and 0.070 kg/(m2·s), with the inhibitory effect of small particle mist becoming pronounced only after 450 s. These findings offer critical insights for optimizing fire protection strategies for converter transformers, highlighting the significance of cooling mechanisms and material properties.