In order to analyze the behavior of a MicroGrid (MG) before actual implementation, real-time digital simulation is an indispensable and beneficial tool. In this paper, real-time simulation of MGs is implemented using discrete real-time simulator, Opal-RT platform. Real-time performance of the MG along with voltage and frequency stability assessment after islanding is the main focus. To assess this, the model of the MG is first constructed in the MATLAB/Simulink environment and then is compiled to the Opal-RT to achieve parallel processing. Two different scenarios are compared for evaluating stability of MG control modes after islanding.