The invention relates to a calculating method of an impedance value of a three-winding transformer based on short circuit current restraint. The method includes: firstly, a target function is set, and relations between an equivalent positive-sequence impedance XH [sigma]1 and an equivalent zero-sequence impedance XH [sigma]0 from a system to a short circuit point and system positive-sequence impedances Hx1 and Mx1, zero-sequence reactances, and transformer three-side equivalent reactances x1, x2, and x3 are established; relations between XH [sigma]1 and a high-voltage side three-phase short circuit current IHf3, a medium-voltage side three-phase short circuit current IMf3, and XH [sigma]1, XH [sigma]0 and a high-voltage single-phase grounding short circuit current IHf1, a medium-voltage single-phase grounding short circuit current IMf1 are established; a relation between a low-voltage side three-phase short circuit current ILf3 and x1, x2, x3, Hx1 and Mx1 is established; and limit values of short circuit current of each voltage grade side of a substation are set, the ranges of initial values of positive-sequence and zero-sequence impedances of each voltage grade are obtained, and the optimal parameter values of impedances at each side of the transformer are calculated. The beneficial effects of the method are that optimized design of the impedances of the transformers for various types of substations can be realized, and the applicability is high.