The HTS technology, invented in 1986, has the potential for reducing size and mass, and increasing efficiency of power equipment. The HTS transformers are discussed in this article. The discussion provides rationale for selecting HTS over LTS. Available cryogenic cooling options are also discussed for cooling HTS coils. The ReBCO‐coated conductor is a promising candidate for providing acceptable properties at LN
2
temperature. It could be transformed into Roebel cables for carrying larger currents. An example design of a 50 MVA transformer is included for illustrating design, technology, and economic issues. Calculated HTS transformer size, weight, efficiency, and cost are compared with a conventional transformer of similar rating. The HTS‐based technology appears ready for commercial exploitation. The Roebel cable can be used for constructing windings for utility power transformers. Cryogenic cooling technologies, for cooling to LN
2
temperature, have also sufficiently matured for such applications. This article shows that an HTS transformer costing three times the cost of a conventional transformer looks more attractive on the basis of 30‐year ownership cost than a conventional transformer. The HTS wire price ($250/kA‐m) assumed in this study is three times higher than $80/kA‐m price (projected by HTS industry) in a decade. The lower price HTS material will make the HTS transformers very attractive. In order to gain confidence of the user community, prototyping of industrial‐scale transformers must be undertaken for demonstrating feasibility and reliability aspects. The future of HTS transformers looks attractive but a concerted effort is needed to realize it.