This paper describes an analysis of the behavior of orthogonal-core type push-pull parametric transformer considering the iron loss of the orthogonal-core and the copper loss of windings. The analysis is performed on the magnetic circuit of the orthogonalcore under magnetic saturation and hysteresis. For an accurate calculation, the saturation characteristic is expressed approximately by the 21st power series on the core flux and the hysteresis curve by the 5th power series on the exciting voltage. The calculated results show the good agreement with the experimental ones. The analytical method presented here is useful for the design optimization of the push-pull parametric transformer.