In our previous study, the multioutput piezoelectric transformer operating at the thickness-shear vibration mode was proposed and experimentally investigated. By designing a new construction of support and lead wire connection, a power density of 52.7 W/cm3 and a total output power of 169.8 W were achieved at a temperature rise less than 20 degrees C. In this work, a theoretical model was developed for the dual-output piezoelectric transformer operating at the thickness-shear vibration mode. The equivalent circuit parameters of the piezoelectric transformer were derived. Based on this, the impedance characteristics, equivalent inductance, capacitance ratio, voltage gain, and efficiency of the piezoelectric transformer were calculated. The theoretical results were verified by experimental data. Furthermore, the effect of the transformer size on the voltage gain, efficiency, output power and power density, and the effect of the load of one output on the voltage gain of another output were analyzed. Some useful guidelines were achieved by these analyses.