The invention provides a high- and low-voltage hybrid excitation double-stage voltage transformer and a calibration method thereof. The double-stage voltage transformer comprises a main voltage transformer 1 and an auxiliary voltage transformer 2, wherein the main transformer 1 comprises a first-stage iron core I, a second-stage iron core II, a primary winding W1, a second winding W2, a high-voltage excitation winding W3 and a low-voltage excitation winding W4, the low-voltage excitation winding W4 and the high-voltage excitation winding W3 are sequentially wound around the first-stage iron core I, the second winding W2 and the primary winding W1 are sequentially wound after the first-stage iron core I and the second-stage iron core II are laminated, the auxiliary voltage transformer 2 is used for performing excitation on the main voltage transformer and comprises an iron core, an auxiliary primary winding W5, an auxiliary second winding W6 and a power supply winding W7, the auxiliary primary winding W5, the auxiliary second winding W6 and the power supply winding W7 are sequentially wound around the iron core, the auxiliary primary winding W5 is connected with the primary winding W1 and the high-voltage excitation winding W3 of the main voltage transformer, and the auxiliary secondary winding W6 is connected with the low-voltage excitation winding W4 of the main voltage transformer.