This paper proposes a novel fault diagnosis methodology for oil-immersed transformers to improve the diagnostic accuracy influenced by gas components in power transformer oil. Firstly, the Random Forest (RF) algorithm is utilized to evaluate and filter the raw data features, solving the problem of determining significant features in the dataset. Secondly, a multi-strategy Improved Particle Swarm Optimization (IPSO) is applied to optimize a double-hidden layer backpropagation neural network (BPNN), which overcomes the challenge of determining hyperparameters in the model. Four enhancement strategies, including SPM chaos mapping based on opposition-based learning, adaptive weight, spiral flight search, and crisscross strategies, are introduced based on traditional Particle Swarm Optimization (PSO) to enhance the model’s optimization capabilities. Lastly, AdaBoost is integrated to fortify the resilience of the IPSO-BP network. Ablation experiments demonstrate an enhanced convergence rate and model accuracy of IPSO. Case analysis using Dissolved Gas Analysis (DGA) samples compares the proposed IPSO–BP–AdaBoost model with other swarm intelligence optimization algorithms integrated with BPNN. The experimental findings highlight the superior diagnostic accuracy and classification performance of the IPSO–BP–AdaBoost model.