The accelerating pace of industrialization has led to an increase in demand for electrical power. A reliable and stable power supply is required for transmission and distribution apparatuses. In addition, as economic loss increases due to the failure and deterioration of power systems, an asset health solution for power system is required to provide a systematic management service for its lifecycle by combining a product, service and operating system with the prediction of failure occurrence by analyzing real-time operating data and condition data, optimal maintenance strategy based on exact condition assessment and decision making for investment of new apparatuses. In this paper, in light of the above, we developed an Asset Health Management Solution (AHMS). It has been applied to high-voltage substations of major oil refinery companies in Korea. The AHMS is able to monitor, collect and save the real-time condition, operation and inspection data in cooperation with the operator and manufacturer of apparatuses. It consists of a server for the collection of substation information, a data center, and a web-based operating software. The server for the collection of substation information collects and saves on-line data such as operating data for diagnosis and off-line data, such as drawing, specification, on-site inspection data and maintenance trends, as well as data transmission through security protocol. The data center is composed of several servers for data collection, user access, application, algorithm analysis, database, alarm, and control as an integrated system, which collect all the server data of each substation information. In addition, it transmits the analytical result of algorithm such as lifetime and reliability model, health assessment, system reliability and maintenance strategy to web-based asset management software for the facility operator and manufacturer. The asset management software of AHMS implements asset management, operating work management, as well as the function of condition monitoring and algorithm result monitoring. Asset management software is composed of three stages: power apparatus information management and monitoring, risk assessment, and various visualization for diagnostic result. In the first stage, the operator registers the power apparatus's information, manages its maintenance history, and monitors its status information. In the second stage, the condition of the power apparatus is evaluated by risk analysis using its status data and history data. Then, maintenance scheduling and estimated costs are prioritized depending on the result of risk analysis. Work manual is created and it is sent to on-site engineers. In the last stage, the operator can check on the report of analysis through various visualization screens.