Abstract: The operation and maintenance of power transformation equipment is undergoing a significant transformation from periodic maintenance to whole-life cycle health management. The core bottleneck lies in the inability of condition assessment technology to effectively span the entire service time chain of the equipment. Analysis shows that the current assessment system faces four technical obstacles. To address these difficulties, a full-cycle condition assessment technology system covering "initial archiving-online monitoring-dynamic deduction-edge collaboration" has been developed. This technology system provides algorithmic and architectural support that can be implemented in engineering for precise operation and maintenance of power transformation equipment throughout its entire life cycle, and has certain engineering promotion significance.