The doubly fed variable speed pumped storage (DFVSPS) system is a hydraulically, mechanically, and electrically coupled system, and the characteristics of the components from the water conveyance system to the transmission line need to be fully considered in the oscillation analysis. Hence, the model of the water conveyance system is included to investigate the oscillation characteristics of the DFVSPS connecting to the grid via a series-compensated line. A small-signal state-space model of the DFVSPS system in the generation mode is first established. The oscillation characteristics of the DFVSPS are studied, and the dominant state variables for each oscillation mode are identified. The impact of system parameters on oscillations is further studied, and simulations are carried out to validate the accuracy of the model. The results indicate the oscillation mode of the DFVSPS comprises the electrical sub-synchronous oscillation (SSO) mode and the hydraulically, mechanically coupled low-frequency mechanical oscillation modes. When the series compensation level is high, the SSO becomes divergent, and the system is more likely to be unstable. Optimizing the rotor-side control parameters and the governor control parameters, sub-synchronous and low-frequency oscillations could be effectively suppressed, respectively. This study provides reference suggestions for the development and use of the future DFVSPS system.