Transformers are one of the more expensive pieces of equipment found in a distribution network. The transformer's role has not changed over the last decades. With simple construction and at the same time mechanically robust, they offer long term service that on average can reach half a century. Today, with the ongoing trend to supply a growing number of non-linear loads along with the notion of distributed generation (DG), a new challenge has arisen in terms of transformer sustainability, with one of the possible consequences being accelerated ageing. In this paper we carefully review the existing studies in the literature of the effect of loads and other key factors on oil-transformer ageing. The state-of-the-art is reviewed, each factor is analysed in detail, and in the end a smart transformer protection method is sought in order to monitor and protect it from upcoming challenges.