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Nanocrystalline transformers have better electromagnetic properties than electrical steel transformers, such as lower losses. Nowadays, numerous nanocrystalline magnetic cores have served in the research work of high-frequency transformers, but there is still a lack of application in low-frequency transformers. It is of guiding significance to research the magnetic flux density distribution and core loss of nanocrystalline transformers under power frequency. This paper carries out a systematic simulation study on the magnetization and loss characteristics of nanocrystalline transformers under different excitations, and analyzes the distribution of magnetic flux density and core loss characteristics.