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With the increasing age of the primary equipment of the electrical grids there exists also an increasing need to know its internal condition. For this purpose, off- and online diagnostic methods and systems for power transformers have been developed in recent years. Online monitoring is used continuously during operation and offers possibilities to record the relevant stresses which can affect the lifetime. The evaluation of these data offers the possibility of detecting oncoming faults early. In comparison to this, offline methods require disconnecting the transformer from the electrical grid and are used during planned inspections or when the transformer is already failure suspicious. This contribution presents the status and current trends of different diagnostic techniques of power transformers. It provides significant tutorial elements, backed up by case studies, results and some analysis. The broadness and improvements of the presented diagnostic techniques show that the power transformer is not anymore a black box that does not allow a view into its internal condition. Reliable and accurate condition assessment is possible leading to more efficient maintenance strategies.