As the penetration of wind energy is being dramatically increased, the impact of wind energy on the power system should be roundly studied, especially for the fault characteristics analysis and applicability analysis of low voltage ride-through (LVRT) requirements for a whole wind farm (WF) and an individual wind turbine generator (WTG). This paper firstly describes a detailed modeling of a permanent magnet synchronous generator (PMSG)-based WF and analyzes the fault characteristics of the WF under various fault conditions. The validation of the fault characteristics analysis is carried out with the EMTP-RV generated data, with the consideration of different fault positions, fault types, and wind speeds. The relay protection and the related grid code are also taken into account. In addition, the applicability analysis of LVRT requirements for a WF and a WTG is also implemented, from the points of minimal grid-connection time and minimal dynamic reactive current support ability. The fault characteristic analysis of a PMSG-based WF could be helpful for developing new control or protection methods for a PMSG-based WF. Meanwhile, the applicability analysis of LVRT requirements could serve as a reference for WTG manufacturers, WF administrators, and grid operator.