Virtual oscillator control (VOC) is an emerging decentralized control technique for grid-forming inverter applications. In contrast to conventional phasor-based droop control or virtual synchronous machine control, VOC is a time-domain controller designed to emulate the dynamics of a nonlinear oscillator. VOC is a current-controlled voltage source, lacking the ability to regulate the inverter terminal voltage, which will result in significant voltage deviations caused by dead-time effects, nonideal semiconductor devices, and output filter voltage drops. In this article, a voltage and current dual-loop control structure augments the VOC to compensate for these voltage deviations and regulate the inverter output variables directly. A complete small-signal model for a multiple inverter-based microgrids with the proposed control structure is presented in order to assess system stability using eigenvalue and participation factor analysis. Analytical results show that the parameter related to the frequency regulation and the integral gain of the voltage controller affect the location of the system’s dominant modes significantly. The stability margin is determined by modifying these control parameters. Experimental results on a laboratory test microgrid verify the predication from the small-signal analysis and time-domain simulations.