Medium frequency power transformers embedded into power electronics converters are frequently encountered in many applications such as electrical transportation and renewable energy systems and power supplies. Thus, researchers have been focused on soft magnetic materials such as amorphous and nanocrystalline materials to obtain smaller and more efficient transformer designs with the improvements on manufacturing technologies of the high frequency core materials. In this study, the transformer design methodology is proposed with the finite element analysis method, and a 35 kVA medium frequency transformer with nanocrystalline core material is designed. After the sizing stage, three-dimensional model of the transformer is created with finite element analysis software, and then co-simulations of this electromagnetic transformer model with a power electronics converter circuit are performed for practical operation conditions. Furthermore, thermal behavior of the prototype transformer is determined with the thermal coupling analysis, and temperature distribution of the prototype transformer is visualized with a thermal imaging camera. The transformer efficiency, exact equivalent circuit of the transformer and flux distributions in the transformer core are obtained from these simulation studies. In addition, the prototype of the designed transformer is produced and tested. The design conditions and simulation results are validated with experimental studies. (C) 2017 Hydrogen Energy Publications LLC. Published by Elsevier Ltd. All rights reserved.