A predator–prey system with stage structure and time delay for the prey is investigated. By analyzing the corresponding characteristic equations, the local stability of a positive equilibrium and two boundary equilibria of the system is discussed, respectively. By using persistence theory on infinite dimensional systems and comparison argument, respectively, sufficient conditions are obtained for the global stability of the positive equilibrium and one of the boundary equilibria of the proposed system. Further, the existence of a Hopf bifurcation at the positive equilibrium is studied. Numerical simulations are carried out to illustrate the main results.