This paper presents a compact nonlinear thermal model of pulse transformers. The proposed model takes into account differentiation in values of the temperatures of a ferromagnetic core and each winding. The model is formulated in the form of an electric network realising electrothermal analogy. It consists of current sources representing power dissipated in the core and in each of the windings, capacitors representing thermal capacitances and controlled current sources modelling the influence of dissipated power on the thermal resistances in the proposed model. Both self-heating phenomena in each component of the transformer and mutual thermal couplings between each pair of these components are taken into account. A description of the elaborated model is presented, and the process to estimate the model parameters is proposed. The proposed model was verified experimentally for different transformers. Good agreement between the calculated and measured waveforms of each component temperature of the tested pulse transformers was obtained. Differences between the results of measurements and calculations did not exceed 9% for transformers with a toroidal core and 13% for planar transformers.