This document presents a study on analyzing very fast transient overvoltages (VFTOs) of a 132kV power transformer using continuous wavelet transform (CWT). A 132kV transformer model is developed in MATLAB and subjected to switching operations. VFTOs generated are analyzed using CWT and results are compared to conventional methods. CWT provides more accurate results with 2.66% lower VFTO magnitudes and 5.3% faster rise times. The study concludes CWT is more efficient than conventional techniques for analyzing transformer VFTOs.