The invention discloses an oil storage circulating cooling system of an oil-immersed transformer. The system comprises an oil tank, an oil pump, an oil storage tank, a water tank, a reservoir, a first heat dissipation pipe, a second heat dissipation pipe, a water inlet pipeline, a drain pipeline, a water spray pipeline, a water pump, a draught fan, a cooling frame, a temperature sensor and a controller, one end of the first heat dissipation pipe is connected with an oil outlet of the oil tank through the oil pump, the other end of the first heat dissipation pipe communicates with an oil inlet of the oil storage tank, one end of the second heat dissipation pipe is connected with the oil outlet of the oil storage tank, the other end of the second heat dissipation pipe communicates with the oil inlet of the oil tank, the oil storage tank is arranged in the water tank, a water inlet and a water spray opening are formed in one side face of the water tank, a water spray opening is formed in the other side face of the water tank, an outfall is formed in the bottom of the water tank, one end of the water inlet pipeline is connected with the water inlet, the other end of the water inlet pipeline communicates with the reservoir, one end of the drain pipeline communicates with the outfall through the water pump, and the other end of the drain pipeline communicates with the reservoir. The oil storage circulating cooling system disclosed by the invention has the advantages of simple structure, graded heat dissipation and improved heat dissipation effect of the cooling system.