An on-load tap-changer (OLTC) regulates the output voltage level of transformer by changing the winding voltage ratio without current interruption. It is one of the most expensive and vulnerable parts of power transformers. Therefore, modeling and condition monitoring (CM) of OLTCs are important for the power system operation. This paper presents a new modeling principle for OLTCs based on the circuit breaker (CB) arc models. There is a sequence of switching events with certain timings during each operation of OLTC. These switching operations are modeled individually and a full model of OLTC operation is derived. Computer simulation studies and the measurements captured from the real-time test studies of OLTC operation verify and validate the performance of the proposed OLTC model.