The invention discloses an insulating sleeve with a warning function for an oil-immersed transformer, and belongs to the technical field of transformers. According to the scheme, when the temperature in the insulating sleeve is too high, gas in a protective film expands and finally bursts and is separated, the explosion sound can remind a worker to be preliminarily warned in time, meanwhile, a warning ball can fly up, the worker can be warned, the warning ball can enable the worker to know the direction in numerous transformers, the time for searching and excluding defective transformers is saved, and after the separation membrane is separated, the lower side part of the protective film makes contact with the upper end of the outer protruding edge, cooling oil in a liquid storage cavity flows into a cooling channel after a liquid blocking film is punctured, the temperature of overheated elements such as an insulating sleeve and a conducting rod in the insulating sleeve can be reduced, the temporary cooling effect is achieved, and more time is provided for follow-up treatment of workers.