Large power transformers are generally associated with a maximum capacity rating of 100 MVA or higher. These large liquid dielectric power transformers are a custom-built piece of equipment, thus very expensive, and a backbone element of the power grid. In extreme cases as, for example, severe geomagnetic disturbances, permanently monitoring their condition will enhance their electrical reliability and resilience to guarantee efficient management of its life cycle. However, some traditional monitoring/diagnosis techniques have singular features when applied to large power transformers and their interlinked subsystems. In this context, and since that information is hardly put in evidence and compiled in the literature, this paper reviews the particularities of monitoring and diagnosing those assets.