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The stability issue of a single-phase two-stage grid-connected photovoltaic system is complicated due to the nonlinear v-i characteristic of the photovoltaic array as well as the interaction between power converters. Besides, even though linear system theory is widely used in stability analysis of balanced three-phase systems, the application of the same theory to single-phase systems meets serious challenges, since single-phase systems cannot be transformed into linear time-invariant systems simply using Park transformation as balanced three-phase systems. In this paper, (1) the integrated mathematical model of a single-phase two-stage grid-connected photovoltaic system is established, in which both DC-DC converter and DC-AC converter are included also the characteristic of the PV array is considered; (2) an observer-pattern modeling method is used to eliminate the time-varying variables; and (3) the stability of the system is studied using eigenvalue sensitivity and eigenvalue loci plots. Finally, simulation results are given to validate the proposed model and stability analysis.