Copper sulfide deposits in the insulation systems of power transformers decrease the dielectric properties of the insulation and therefore constitute a significant risk for the operation of power transformers. Disulfides, oxidized sulfur compounds, thiols, and elemental sulfur, which could be present in insulating oil, have been recognized as the sources of reactive sulfur responsible for copper sulfide formation. Selective liquid liquid extraction using N-methyl-2-pyrrolidone solvent was investigated for the purification of mineral insulating oils through the removal of compounds and precursors responsible for copper sulfide formation. The efficiency of the extraction process was evaluated using corrosive sulfur test IEC 62535, SEM/EDX measurements of paper before and after the IEC 62535 test, and measurements of the dibenzyl disulfide concentration in the oil using GC-ECD method. The oxidation stability of refined oils was evaluated using the IEC 61125 method. Precursors of copper sulfide deposits were completely removed from different mineral oils as a result of purification by extraction with N-methyl-2-pyrrolidone and 1.0 wt % water as a cosolvent.