A transfer cooling structure of a vehicle is provided, the vehicle including a power source, a transmission, and a transfer device provided with a torque-distribution-control friction clutch, disposed in the order from forward of the vehicle. The structure includes a floor provided to the vehicle and having a tunnel part configured to cover a transmission case of the transmission and a transfer case of the transfer device from above, an insulator attached below the tunnel part to cover the transmission case and the transfer case while having a gap with respect to the transmission case and the transfer case, and a cooling acceleration part provided to the insulator protruding toward the transfer case from the floor side.