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Abstract In recent years, the “asset management” or “managing assets” technique has been expected to support the rationalization of the maintenance and operation of electric power equipment, especially as a countermeasure for aging equipment. For this purpose, the development of diagnostic methods for aging, remaining life, and faults is necessary. Furthermore, it is important to accumulate case studies applying such diagnostic methods to real equipment and the analysing benefits of the applications of the diagnostic methods. In this report, frequency response analysis and a partial discharge measurement are applied to a shunt reactor suspected of occurrence of partial discharge. Results of the diagnostic methods suggest the breakage of the earth bar connecting the iron‐core blocks and the occurrence of the partial discharge at the iron core. From these diagnostic findings, the shunt‐reactor operator decided to postpone the replacement for 2 years, compared with the case where no diagnostic methods were applied. In this report, the benefits of deciding the postponement is also evaluated.