This　paper　is　devoted　to　finite　element　analysis　for　the　magneto-heat　coupling　model　which　governs　the　electromagnetic　fields　in　large　power　transformers.　The　model,　which　couples　Maxwell＇s　equations　and　Heat　equation　through　Ohmic　heat　source,　is　nonlinear.　First　we　derive　an　equivalent　weak　formulation　for　the　nonlinear　magneto-heat　model.　We　propose　a　linearized　and　temporally　discrete　scheme　to　approximate　the　continuous　problem.　The　well-posedness　and　error　estimates　are　proven　for　the　semi-discrete　scheme.　Based　on　the　results,　we　propose　a　fully　discrete　finite　element　problem　and　prove　the　error　estimates　for　the　approximate　solutions.　To　validate　the　magneto-heat　model　and　verify　the　efficiency　of　the　finite　element　method,　we　compute　an　engineering　benchmark　problem　of　the　International　Compumag　Society,　P21(b)-MN.　The　numerical　results　agree　well　with　experimental　data.