This paper presents a novel modulated series dynamic braking resistor (MSDBR) control strategy for enhancing the fault ride-through (FRT) of doubly fed induction generator-based wind turbines. The proposed cost-effective protection scheme introduces a voltage booster that offers series voltage compensation capability and provides a means of power evacuation to mitigate the power imbalance during grid faults. To attain flexible and robust control solution for handling both balanced and unbalanced grid faults, the proposed scheme employs a modulated pulse width modulation (PWM) switching technique to control the stator phase voltage individually. The proposed transient management scheme allows the MSDBR to mitigate the impact from different types of grid faults and to fulfill with the recent grid code requirement. Also, reactive current injection capability during faults is also investigated with the proposed voltage reference algorithm. For the controller design, small-signal modeling is utilized with consideration of measurement dynamics for the tuning of controller parameters in order to ensure the system robustness and stability. Finally, the simulation results demonstrate the satisfactory performance of the MSDBR with its preferred allocation for enhancing the FRT performance against both balanced and unbalanced faults.