The invention discloses a mutual inductor calibrator with a function of calibration, and the calibrator comprises a current sampling input end, a voltage sampling input end, and an error input end. The calibrator also comprises a calibration signal generation circuit which is used for generating a reference current signal, a reference voltage signal, an angular difference signal, and a ratio error signal; and a selection circuit which is used for selecting the reference current signal and outputting the reference current signal to the current sampling input end and selecting the angular difference signal and outputting the angular difference signal to the error input end during current calibration, and selecting the reference voltage signal and outputting the reference voltage signal to the voltage sampling input end and selecting the ratio error signal and outputting the ratio error signal to the error input end during voltage calibration. The calibrator provided by the invention can carry out self-calibration on a test site, and improves the accuracy of the result of on-site testing of a mutual inductor.