In this paper the operational characteristics of stand-alone microgrid was analyzed using RTDS simulation models. The accuracy of developed simulation models were verified by comparing with the analysis results using the PSCAD/EMTDC simulation models. The proper scenarios and operation algorithms were developed and analyzed in accordance with various situations that can occur in the actual system, so as to establish operation scheme for the stand-alone microgrid system. The developed simulation models can be effectively utilized to design a newly installed stand-alone microgrid and to develop various operation scenarios for stand-alone microgrid. And these models can be applied for analyzing the transient phenomena due to system fault so that system protection can be properly designed.