A model of monolithic transformers is presented, which is analyzed with characteristic functions. A closed- form analytical approach to extract all the model parameters for the equivalent circuit of Si-based on-chip transformers is proposed. A novel de-coupling technique is first developed to reduce the complexity in the Y parameters for the transformer, and the model parameters can then be extracted analytically by a set of characteristic functions. Simulation based on the extracted parameters has been carried out for transformers with different structures, and good accuracy is obtained compared to a 3-demensional full-wave numerical electro- magnetic field solver. The presented approach will be very useful to provide a scalable and wide-band compact circuit model for Si-based RF transformers.