Abstract: Power equipment is subject to the combined effects of multiphysics fields such as electricity, magnetism, heat, force,and fluid during the operation. Multiphysics coupling simulation is indispensable to ensure the optimal design and operation reliability of power equipment. In the multiphysics field calculation and software development for power equipment, it is necessary to overcome the key issues such as the modeling of material nonlinearity, fast transient methods with multiple space and time scales, multi-field coupling mechanism and the establishment of mathematical models, and stable and efficient solving of largescale and differential algebraic equations（DAE）. Therefore, the research subjects and algorithms that should be focused on in the process of independent software development are introduced from the aspects of material parameter equivalence, multi-field coupling calculation technology, large-scale cross-scale calculation, and DAE solution. To promote the application of digital twin technologies based on numerical simulation in the field of power equipment, new technologies such as the isogeometric analysis method integrating geometric/simulation analysis, reduced-order model method, and data-driven multiphysics simulation method are summarized and analyzed. Finally, because of the problems in the indigenous computer-aided engineering（CAE） software, the development status of the indigenous and overseas multiphysics software development technologies is analyzed, and the development of multiphysics calculation software for indigenous power equipment has been prospected.