Abstract: A device and a method are described for online monitoring the lifespan of switch contacts of a transformer on load tap changer (OLTC). The method includes connecting a current signal sensor of a voltage adjustment winding of the power transformer with a current signal processing circuit thereof; connecting the current signal sensor with an analog-digital converter of an industry control computer (IPC). When a switch signal is received, the switch current value and the number of switching operation of the OLTC are used for comparison with a lifespan relationship as a function of number of switch operations of a switch contact having similar specifications, wherein the relationship indicates a critical current value indicating the need for replacement. The device includes the IPC, the signal processing circuit, a monitor, and a keyboard.