Abstract: For high-low voltage dual-winding induction generator with special stator-winding structure, the steady-state analysis model was proposed taking the magnetic leakage flux coupling between two sets of stator windings into account. Considering the mutual leakage inductance between two sets of stator windings, the branch voltage equation was formulated, and the steady-state equivalent circuit of high-low voltage dual stator-winding induction generator was derived where the current-controlled voltage source was introduced to express the mutual leakage electromotive force. By calculating the complex control coefficient of the current-controlled voltage source, the rationality of considering the magnetic leakage flux coupling between two sets of stator windings was explained. The loop current method was used to formulate the matrix equations of the equivalent circuit, and the optimization method was used to determine the unknowns of the analysis model taking the determinant of the loop impedance matrix as the objective function. The proposed model was used to calculate the output characteristic and the capacitance for voltage stabilization of the prototype. The calculation results are highly in agreement with the experimental results, which verify the correctness and accuracy of the proposed model.