The invention relates to insulating wrapping structure and method for a transformer 500kV tubular forming lead and belongs to the technical field of transformer and electric reactor manufacturing technology. The technical scheme is that an insulating structure outside a copper tube or an aluminum tube of the transformer 500kV tubular forming lead is divided into a straight tube part and a bend tube part, wherein the straight tube part is in a corrugated board-0.5mm insulating cardboard alternative interval structure and manually wrapped and fixed by crepe paper; during insulating wrapping of the bend tube part of the transformer 500kV tubular forming lead, the corrugated boards and the insulating cardboards are cut and then assembled; and the corrugated boards and the insulating cardboards are alternatively arranged at intervals. The beneficial effects are that the bend part can be smoothly, evenly and beautifully insulating-wrapped; on the premise of guaranteeing structure manufacturing quality reliability, technology operation difficulty can be reduced, lead manufacturing cost can be effectively reduced; and simple operation and great practicality can be achieved.