This review addresses the modeling approaches for heat transfer processes in oil-immersed transformer. Electromagnetic, thermal, and hydrodynamic thermal fields are identified as the most critical aspects in describing the state of the transformer. The paper compares the implementation complexity, calculation time, and details of the results for different approaches to creating a mathematical model, such as circuit-based models and finite element and finite volume methods. Examples of successful model implementation are provided, along with the features of oil-immersed transformer modeling. In addition, the review considers the strengths and limitations of the considered models in relation to creating a digital twin of a transformer. The review concludes that it is not feasible to create a universal model that accounts for all the features of physical processes in an oil-immersed transformer, operates in real time for a digital twin, and provides the required accuracy at the same time. The conducted research shows that joint modeling of electromagnetic and thermal processes, reducing the dimensionality of models, provides the most comprehensive solution to the problem.