Purpose: The task of restructuring the theory of transformers due to the failure of almost all the provisions of the traditional theory is set. It is shown that along with the far-fetched concepts of windings’ separate magnetic leakage fluxes, established in the last century, it’s also should be confessed such the judgments, which are considered unshakable, on main or working flux in transformer magnetic core and as if creating transformer’s magnetization current or m.m.f. magnetization. Methods: To prove this, the analysis of delusions, accepted in modern textbooks, when analyzing key topics on magnetic flux distribution in transformers, including the cases of short circuits, is carried out. Results: On the strength of this, it is concluded on the inadmissibility of explanation expounded therein on transformer operation as it is based on physically non-existent quantities and concepts. Instead, it is proposed to supplement the idea on energy transfer from winding to winding through a gap between them with the procedure of Poynting vector increase in a primary winding and after passing the gap, its subsequent relaxation in a secondary winding when transferring power into a load. The display of each of these stages on a 4T-shaped equivalent circuit is shown allowing to analyze simultaneously with electrical quantities the distribution of magnetic fluxes in individual sections both in window and magnetic circuit of a transformer. Practical importance: New properties in transformer behavior, including ones in short circuit mode, are presented.