The invention discloses a non-contact transformer bushing oil level identification method. According to the method, a floating oil pointer is arranged inside a transformer bushing, a magnet is arranged on the floating oil pointer, an oil level fixer is arranged outside the transformer bushing, a rail is arranged in the oil level fixer, a magnetic indicating oil pointer is arranged on the rail, the floating oil pointer changes along with the oil level in the transformer bushing, so that the magnet drives the magnetic indicating oil pointer to move, and the magnetic indicating oil pointer indirectly displays the oil level in the transformer bushing. The magnetic indicating oil pointer is made of bright-colored materials, or a bright-colored layer is pasted on the surface of the magnetic indicating oil pointer. The magnetic indicating oil pointer does not contact with transformer oil in the transformer bushing, automatic lifting is realized only by the aid of magnetism, and leakage of the transformer oil is decreased.