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As Type-3 wind turbine (WT) has already become a typical type of highly penetrated power sources in modern power systems, characterizing its properties during grid fault is a basic requirement for system analysis. However, many significant factors have not been considered in the existing analytical methods and results, such as various switching of internal control and protection circuits in low voltage ride through (LVRT) solutions. In this paper, performance of Type-3 WT during LVRT is first illustrated and summarized as the sequential switching characteristic in multi time scales, viz., instant control, ac control, dc voltage control, and rotor speed control time scales. Thus, for magnitude drops in stator voltage, a mathematical model is proposed to understand this characteristic and fault current analysis's features. Then, an analytical method, based on the operational inductance, is proposed so that fault current components, with the sequential switching considered, can be depicted with a unified and simple analytical expression. By identifying magnitude of symmetrical current, the transient and steady-state equivalent circuits of Type-3 WT are proposed to estimate momentary current and electrical power approximately. Finally, analytical results are verified by comparisons with real-time simulation results of a detailed 1.5 MW WT model in RT-LAB. [ABSTRACT FROM AUTHOR]