This paper presents the implementation of a thermal camera for the quantitative estimation of power losses in a high frequency planar transformer (100 kHz/ 5600 VA). The methodology is based on the observation of the transient temperature rise and determination of the power losses by means of curves representing the derivative of temperature as a function of power losses dissipated in the transformer. First, the thermal calibration characteristics had to be obtained from a simple experiment, where power losses are generated by DC current in the ferrite core and windings. Next, experimental investigations focused on the determination of the transformer power losses for a short circuit and no load, with a resistive load and with the rectifier as a load were carried out. Finally, to verify the obtained results, analytical calculations based on Dowell’s and modified Steinmetz’s equations were additionally made, which showed a good convergence. The proposed method is easy to implement and can be used as an alternative to the calorimetric method which is time-consuming and requires a complicated measurement setup.