The invention relates to the technical field of high voltage and insulation, in particular to a device for researching and testing an insulating property of high-voltage oiled paper. Aiming at the positions of frequent faults during the operation of a converter transformer, the device simulates a ball-board, a needle-board, a board-board, faces and suspension discharge electrode models; and the typical high-voltage oil/oiled paper insulating experiments can be realized under direct current (DC) voltage, alternating current (AC) voltage and AC-DC voltage so as to acquire partial discharge characteristics and breakdown characteristics of the major insulation of the converter transformer.