In this study, we present a complete analysis of the thermal behavior of an oil-filled distribution transformer using two different approaches: numerically, by applying computational fluid dynamics (CFD) simulations; and analytically, by using thermal–hydraulic modelling (THM). The THM method becomes challenging when the corrugated transformer tank wall structures are complex, and therefore CFD simulations are required to provide in-depth details of the winding oil thermal–hydraulic behavior and to generate parameters for improving the THM calculation. The numerical and analytical thermal performance results were then compared with heat-run measurements of a case study transformer and the accuracy of both approaches on different thermal performance parameters was validated. This study has certain reference value for improving the thermal performance and operation efficiency of distribution transformers, and eventually aims to provide engineers with an effective tool to design the most efficient and reliable distribution transformers with corrugated tank walls for various applications.