As the core component and only isolation component of energy routing equipment, medium voltage high-frequency transformers need to achieve a high insulation level under high power density. Aim for this requirement, the multi-layer shielding structure with shielding structures inside and outside the main wall insulation layer is adapted to the medium voltage high-frequency transformer to achieve the bundling and softening of electrical stress. However, the introduction of shielding structures may cause significant changes in the parasitic parameters of medium-voltage high-frequency transformers, especially in the parasitic capacitor network. The change of parasitic capacitance not only affects the power transmission characteristics of transformers but also changes the electromagnetic coupling path of the system and introduces new electromagnetic interference circuits. Therefore, in this digest, with distributed parameter modeling, an equivalent circuit model for the medium voltage high-frequency transformer with a multi-layer shielding structure is proposed. A five-capacitor network is used for the description of the electrical coupling for the multi-layer shielding structure. The obtaining method of the parameters is proposed in detail. The accuracy of the proposed equivalent circuit is fully verified with the broadband impedance spectrum.