Renewable energy sources normally provide low inertia, which allows a little time for controlling the system. The inertia emulation has recently been introduced for photovoltaic (PV) generation to fight against the small inertia and improve the energy efficiency. The main purpose of this article is to analyze the stability of a virtual inertia-based three-phase two-stage PV system for smart grid applications. Dynamics of DC/DC converter, DC/AC converter, AC side filter, virtual inertia controller, and controllers of the DC/DC and DC/AC converters are considered in the modeling procedure. Eigenvalue analysis is performed to evaluate the sensitivity of the design parameters on stability of a grid-connected virtual inertia PV system. Time-domain simulations using MATLAB/Simscape Power System toolbox are used to validate the eigenvalue analysis results.