The invention discloses a method for predicting the service life of a transformer by using multiple parameters. The method comprises the following steps of S1, performing state evaluation on the transformer by using state data of the transformer; S2, constructing an evaluation database by utilizing the historical data of the transformer and the retirement data of the same type of transformer; andS3, predicting the transformer evaluation parameters by using an Elman network prediction method to obtain a predicted residual life. The transformer state data comprises transformer electrical test project data, analysis data of dissolved gas in oil, transformer oil characteristic data and working condition data, wherein the analysis data of the dissolved gas in the oil comprises hydrogen, methane, ethane, ethylene, acetylene, carbon monoxide and carbon dioxide, the transformer oil characteristic data comprises micro-water content, acid value, breakdown voltage and oil dielectric loss. The method can be used for predicting the service life of the transformer, accurately replacing the transformer and guaranteeing healthy operation of the transformer.