In the response to the demand for electrical energy, much effort was given to develop and commercialize high temperature superconducting (HTS) power equipment has been made around the world. Especially, a HTS transformer is one of the most promising devices. Recently, Korea Polytechnic University and Gyeongsang National University are developing a power distribution and transmission class HTS transformer that is one of the 21st century superconducting frontier projects in Korea. For the development of 154 kV class HTS transformer, the cryogenic insulation technology should be established. We have been analyzed insulation composition and investigated electrical characteristics such as the breakdown of $LN_2$, barrier, kapton films, and the surface flashover of FRP in $LN_2$. Furthermore, we are going to compare with measured each value and apply the value to the most suitable insulating design of the HTS transformer.