When a circuit breaker is opened, a large capacitance around the buses, the circuit breaker and the potential transformer (PT) might cause PT ferroresonance. During PT ferroresonance, the iron core repeats saturation and unsaturation even though the supplied voltage is a rated voltage. This paper describes an analytical analysis of PT ferroresonance in the transient-state. To analyze ferroresonance analytically, the iron core is modelled by a simplified two-segment core model in this paper. Thus, a nonlinear ordinary differential equation (ODE) for the flux linkage is changed into a linear ODE with constant coefficients, which enables an analytical analysis. In this simplified model, each state, which is either saturated or unsaturated state, corresponds to one of the three modes, i.e. overdamping, critical damping and underdamping. The flux linkage and the voltage in each state are obtained analytically by solving the linear ODE with constant coefficients. The proposed transient analysis is effective in the more understanding of ferroresonance and thus can be used to design a ferroresonance prevention or suppression circuit of a PT.