Moisture is one of the key variables that must be considered when determining the load profiles that can be safely applied to a transformer. On one hand the presence of high amounts of water accelerates the ageing rate of the transformer solid insulation, shortening the life expectancy of the equipment. Moreover, the dynamic processes of moisture migration between paper and oil must be considered in order to avoid a potential cause of failure, such as the formation of bubbles in the interface paper-oil, or the moisture saturation and subsequent formation of liquid water in oil. These processes are linked to the changes of temperature, however, within the transformer, both processes have very different time constants what complicates the analysis. In this paper a mathematical model is presented that allows us to study the moisture dynamics in a transformer. The model considers a multiphisical approach incorporating a thermal module and a moisture dynamic module what makes possible to analyse the behaviour of the moisture for a certain load profile. Some application cases are included in the paper to illustrate the model operation.