A method of installing a rotor on a nacelle (44) on a wind turbine generally includes providing a rotor hub counterweight assembly (10, 10′) which are rotated and lifted from a downtower location to an uptower location at which wind turbine blades (50, 52, 54) are progressively attached and the counterweights (14, 16), (14′, 16′) are progressively removed. The rotor hub and counterweight assembly (10, 10′) for use when installing a rotor on a wind turbine (46) generally includes a rotor hub (12) having first, second and third flanges (18, 20, 22), a first counterweight (14, 14′), a second counterweight (16, 16′), and a lifting apparatus connecting member (26, 26′). A lifting apparatus connecting member (26) is configured with at least two connection points (60, 62) being configured for allowing at least two of three operations including installation, rotating and lifting the rotor hub (12), and removal of the lifting apparatus connecting member (26′).