Eigenvalue analysis of a wind turbine system was investigated analytically. It is derived that the equations of motion of a tower and a blade are coupled by shear forces inter-connected by boundary conditions. The eigenvalues of the coupled system was calculated using Galerkin method and it is found that the system becomes unstable when the tower and blade modes are coalesced. Further, parameter studies for the eigenvalues were performed with respect to the rotating speed of a blade, nacelle mass, blade and tower densities.