Abstract: Due to the mismatch of dielectric characteristics between insulating paper and insulating oil, the electric field distribution in oil and paper in a transformer is seriously uneven, which makes it difficult to optimize the insulation structure of the transformer and easy to cause insulation accidents. This problem is more prominent and urgent in UHV converter transformers. Therefore, in order to improve the insulation reliability of transformers, the regulation of electrical performance of insulating paper is very important. This paper analyzed the composition of cellulose insulating paper and the influencing factors of its electrical properties, discussed the influence of the preparation process on the electrical properties of insulating paper, and summarized the progress in the regulation of electrical properties of insulating paper from the perspectives of nano modification, chemical modification, and physical doping. Finally, combined with the research status of synthetic fiber insulating paper, this paper put forward the problems that need to be paid attention to in the future.