High voltage power transformers are one of the most important devices in modern electrical grids. Power transformers are directly responsible for continuous power supply as they are located in crucial points of electrical energy transmission and distribution system. This fact makes maintenance of such a transformer especially important. In order to properly manage reliability of those significant devices proper routines are required but constant increase in power demand makes turning off and inspection increasingly difficult. This causes that in many situations diagnostic procedures must be performed during operation of transformer. The only component of transformer with moving parts is Load Tap Changer (LTC). It is a mechanism responsible for changing transformers turn ratio, thus regulation of voltage on its terminals. L TCs are one of the most defective elements of transformers. About 40% of transformers malfunctions are associated with them. This made LTCs diagnostics important subject of study. In the following paper insight on modern methods used to determine technical condition of LTCs is presented. Much attention is paid to description of capable on-line diagnostic technique based on acoustic emission generated by device. Results of laboratory experiments in this field are given. Experiments were performed on industrial class, oil filled, LTC. Finally, paper presents acoustic emission fingerprint of LTC installed in new 400 kV power transformer.