This paper studies the dynamic characteristics of an isolated three-phase self-excited synchronous reluctance generator (SESRG) driven by a variable-speed wind turbine under different operating conditions. Self-excitation is achieved via capacitors connected across the generator terminals. A detailed mathematical modeling of the proposed self-excited wind generation system is presented. The proposed analysis is based on the dynamic qd-axis model of the SESRG. Magnetic saturation is taken into account and is assumed to be confined to the direct axis and is accounted for as a variable direct-axis magnetizing reactance. Effect of wind-speed variation, excitation-capacitance variation, and loading-conditions variation on the generated output voltage and frequency are presented and discussed. The presented results show the effectiveness of the proposed wind-generation system. A close agreement between experimental and simulated results has been observed, which supports the validity of the proposed analysis.