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A centralized grid-connected photovoltaic (PV) station is a widely adopted method of neutral grounding using resistance, which can potentially make pre-existing protection systems invalid and threaten the safety of power grids. Therefore, studying the fault characteristics of grid-connected PV systems and their impact on power-grid protection is of great importance. Based on an analysis of the grid structure of a grid-connected PV system and of the low-voltage ride-through control characteristics of a photovoltaic power supply, this paper proposes a short-circuit calculation model and a fault-calculation method for this kind of system. With respect to the change of system parameters, particularly the resistance connected to the neutral point, and the possible impact on protective actions, this paper achieves the general rule of short-circuit current characteristics through a simulation, which provides a reference for devising protection configurations.