The invention discloses a 500KV transformer direct-current resistance and direct-current demagnetization intelligent test instrument comprising a rectifier circuit, a polarity-adjustable circuit, an inverter circuit, a constant current source module, a DSP control module, a standard sampling resistor, an AD data collector, a microprocessor used for controlling a display to display, and the display. The rectifier circuit, the polarity-adjustable circuit, the inverter circuit, the DSP control module and the constant current source module are connected sequentially. The standard sampling resistor is connected between the DSP control module and the constant current source module. The AD data collector, the microprocessor and the display are connected sequentially. The rectifier circuit is connected with the display. By adopting the instrument of the invention, single-phase and three-phase direct-current resistance test is realized, and the direct-current test time of transformer direct-current resistance test is shortened. Because the instrument is integrated with a direct-current demagnetization function, direct-current resistance test can be carried out at high current, and the test time can be shortened. Demagnetization is carried out in a timely manner after test, so that a large amount of detachment and installation time is saved, and the work efficiency is improved.