Abstract: In order to investigate the circulating current resonance problem caused by carrier phase asynchronization in the multi-machine parallel grid-connected inverters system in a distributed power generation system, a modeling and stability analysis method considering carrier phase for multi-machine parallel grid-connected inverters system is proposed. Firstly, a small-signal perturbation method considering the sideband effect of sinusoidal pulse width modulation (SPWM) is used to establish the two-frequency model of grid-connected inverter. The influence of carrier phase on circulating current in the multi-machine parallel grid-connected inverters system is analyzed. Based on the two-frequency model, the stability of the circulating current in the multi-machine parallel grid-connected inverters system under the weak grid is analyzed by using the generalized Nyquist criterion. The analysis results indicate that, when the carrier phase of the grid-connected inverter is inconsistent, there will be circulating current in the system. The proposed analysis method can be adopted to analyze the generation mechanism and stability of circulating current in the multi-machine parallel grid-connected inverters system accurately, laying a foundation for the stable operation, fault analysis, and further research of distributed power generation system.