The linear multi-core pulse transformer is an important primary driving source usedin pulsed power apparatus for the production of dense plasma owing to its compact, relatively low-cost and easy-to-handle characteristics. The evaluation of the magnetic saturation of the transformer cores is essential to the transformer design, because the energy transfer efficiency of the transformer will degrade significantly after magnetic saturation. This work proposes analytical formulas of the criterion of magnetic saturation for the cores when the transformer drives practical loads. Furthermore, an electric circuit model based on a dependent source treatment for simulating the electric behavior of the cores related to their nonlinear magnetization is developed using the initial magnetization curve of the cores. The numerical simulation with the model is used to evaluate the validity of the criterion. Both the criterion and the model are found to be in agreement with the experimental data.