This paper presents a matrix model which is applied for analysis of the new converter transformer with its filters connected to the common winding of the transformer. Based on this matrix model, the effects of the filters on the characteristics of the transformer are analyzed. The results show that the short-circuit impedances of the transformer are nearly constant and almost symmetrical with or without filters. The new converter transformer cannot only greatly reduce the harmonics of the grid-side currents, grid-side voltages, and the load-side voltages, but also dramatically improve its operational parameters, for example: voltage, current, apparent power, and power factor. Simulation and experimental results verify the correctness of the theoretical analysis.