The metro stray current leaked during the subway operation causes the nearby earth surface potential to change, so that the various neutral‐grounded transformers to be at different earth surface potentials, resulting transformer DC bias. In order to analyze the influence of metro stray current on transformer DC bias, the polarization potential monitoring data in metro traction power supply system and neutral point current of nearby transformer were compared, and the positive correlation characteristics between the two were pointed out. By studying the stray current leakage reason in the metro traction power supply system and the circulation path causing transformer DC bias, the mechanism of the transformer DC bias under the subway operating environment was revealed. Based on the discrete model of the stray current distribution, considering the mechanism of stray current on DC bias, the equivalent resistance model of the transformer DC bias caused by metro stray current was built with double‐end power supply environment. Then the calculation formula of transformer neutral point current changing with subway operating conditions was derived, the numerical calculation of DC bias current of transformer caused by metro stray current was realized. The validity of the proposed model was verified by current distribution, electromagnetic field, grounding and soil structure analysis, the simulation results showed that the proposed model can calculate the stray current distribution and the nearby transformer DC bias current with high accuracy, which provided a quantitative analysis method for studying the correlation between metro stray current and transformer DC bias phenomenon. © 2020 Institute of Electrical Engineers of Japan. Published by Wiley Periodicals LLC.