The voltage stability phenomenon is of interest since it began to be observed in real systems in the late seventies. It happens due to excessive loading of transmission lines. The modeling of tap-changing transformers is fundamental in voltage stability analysis, in terms of the information provided to the operator about voltage stability margins and the effects of voltage control actions. The model for tap-changing transformers currently in widespread use consists of an impedance, measured in a short-circuit test with a nominal tap, in series with an ideal transformer. The use of this model in voltage stability studies leads to qualitatively incorrect results, as shown in this thesis. For demonstration purpose a small circuit and the concepts of maximum load, equivalent load impedance and voltage control effects are used. An improved model that takes into account laboratory results, circuit laws and voltage stability theory is proposed. This model can be used in any steady-state study. It gives results that are not only more accurate than those obtained with the conventional model, but also, as shown in this thesis, qualitatively different.