The winding hot spot temperature of the oil immersed power transformer is an important parameter. It has a great influence on the transformer insulation aging and a close relationship with the transformer top oil temperature. The changes of non linear thermal resistance, open circuit impedance, and oil viscosity and winding losses with temperature are also taken into account. An improved model added on the transformer top oil temperature to calculate transformer winding hot spot temperature by using the viscosity and loss correction factors is proposed. Model parameters are estimated by Levenberg Marquardt method. In the end, by comparing with the measured data tested under different conditions, the model shows good consistency under underload (90%), rated load (100%) and overload (110%) conditions respectively, and describes the temperature variation more accurately in the dynamic loading profiles.