Microgrids operating in islanded mode face significant frequency and voltage instability, particularly when dominated by inverter‐based renewable energy sources (RESs) with inherently low system inertia. This study presents a layered hierarchical control strategy that integrates three novel components: (1) an adaptive virtual synchronous generator (VSG) with coupled frequency–voltage co‐regulation, wherein both the inertia constant H ( t ) and the Q-V droop coefficient m Q ( t ) are dynamically tuned based on real‐time frequency deviation and battery state‐of‐charge (SoC); (2) a delay‐compensated consensus protocol employing second‐order Padé approximants to maintain distributed secondary control stability under communication delays up to 500 ms; and (3) a tri‐objective hybrid model predictive control (MPC)–genetic algorithm (GA) optimization framework for battery energy storage system (BESS) coordination, simultaneously minimizing frequency deviation, voltage deviation, and SoC degradation. Simulation results for a 500 kW microgrid with 70% renewable energy penetration demonstrate that the proposed framework significantly outperforms traditional fixed‐inertia VSG and droop control methods. Key outcomes include: frequency deviations limited to 0.05 Hz (vs. 0.38 Hz for fixed‐inertia VSG), voltage regulation maintained within ± 1.2% (vs. ± 4.2%), system stabilization time reduced by 30%, and communication load reduced by 50%. The BESS SoC remained within the safe 20%–80% operating range across all tested disturbance scenarios.