In this paper, AE(Acoustic Emission) signals detected from the growth of the electrical tree in an epoxy resin under ac high-voltage application were analysed to diagnose the insulation deterioration of cast-resin power transformer. Frequency spectra of AE signals generated from the magnetizing and the load currents in the actual operating cast-resin power transformer of 500[kVA] under distribution system of 22.9[kV] were also analysed to distinguish the AE signals due to void discharges from the magnetic circuit noises in the core of the transformer. As the experimental results, we could distinguish the AE signals whether those signals were caused due to the void discharges or due to the magnetic circuit noises by analyzing the frequency spectrum of AE signals. The frequency spectra of AE signals generated from the cast-resin power transformer in operation due to both the magnetizing and the load currents appeared in the range of 40-120[kHz], but the frequency band of AE signals emitted from the void discharges in an epoxy resin sample was about 50[kHz] to 230[kHz].