In this paper, a circuit model equivalent to that proposed in a previous work was verified through experimental and finite element methods. On the basis of this verified model, the impact of the parameters on the electrical characteristics of a circular flexural vibration mode piezoelectric transformer was systematically investigated through the orthogonal experiment design method. Some interesting and valuable rules were found. Additionally, the research process showed that the orthogonal experimental design method itself can partly act as an optimization design method for the circular flexural vibration mode piezoelectric transformer design.