The magnetic hysteresis phenomenon plays an important role in the ferroresonance behavior of a transformer. However, most existing transformer models for the analysis of the ferroresonance phenomenon either ignore the hysteresis effects or represent it based on the hysteresis major loop and scale it for lower current levels. Such a modeling approach does not reflect the actual physical behavior of the magnetic core with respect to the ferroresonance phenomenon. This paper, based on Preisach theory, introduces an accurate model of hysteretic inductor to represent a single-phase transformer for the investigation of the ferroresonance phenomenon. Based on the developed model, time-domain simulation studies show that even in the case of a single-phase transformer where no magnetic coupling exists between the three-phases, all known types of ferroresonance, including fundamental, sub-harmonic, quasi-periodic and chaotic modes, may occur. The effects of hysteresis and its initial conditions, grading capacitors and transformer winding capacitance on occurrence of ferroresonance and its change of mode are also discussed.