Monitoring system is constructed for evaluating and analyzing performance of installed 50kW grid-connected PV system and have been monitored since October 2005. As climatic and irradiation conditions have been varied through long-term operation, there is necessity for evaluating numerical values of PV(Photovoltaic) system performance to observe the overall effect of environmental conditions on their operation characteristics. This paper presents performance monitoring results and analysis on component perspective(PV array and power conditioning system) and global perspective(yield, losses) of PV system for one year monitoring periods.