The increased voltage loading of transformers has led to research on improving transformers’ lifespans to meet demand. Insulation oil acts as cooling medium that can significantly affect the performance of a transformer. This paper discusses an experimental study on the influences of the doping of carbon nanotube (CNT) particles and magnetic fields on the electrical properties of mineral oil (MO). An analysis of electrical properties was conducted using AC breakdown tests, Tan Delta tests, Raman measurements, and simultaneous thermal analysis. Proper preparation was considered before starting the analysis of the electrical properties. The AC breakdown voltages before and after modification were measured. The experiment results indicated that the AC breakdown of mineral oil with a suitable amount of carbon nanotube particles (0.005 g/L) and a suitable magnetic field (0.45 T) gives the highest breakdown voltage. It was found that the proper treatment of nanofluid also greatly influences breakdown voltage. Additionally, Raman measurements analyzed the physical changes in the samples. From the results obtained, the addition of carbon nanotubes and the magnetic field of mineral oil leads to an improved performance of the transformer.