In this paper, the performance of an isolated self-excited induction generator driven by a wind turbine under unbalanced loads is studied. First, the whole system, including the induction generator, the capacitors, and the loads, is modeled. The model used for the isolated induction generator is a diphase one obtained, using the Park transformation. This model allows the saturation effect to be taken into account, assuming certain simplifying hypotheses. Then, the developed model is validated comparing simulation and experiment results at no load and for balanced load cases. Finally, the same model is used to study the performance of the isolated induction generator under unbalanced load cases. Compared to the experiments, the simulation results show a good prediction of the electrical variable waveforms. Furthermore, it can be seen that the magnitude and frequency of the voltages do not vary a lot even if the load is hardly unbalanced.