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In this paper, the exponential periodicity and stability of neural networks with Lipschitz continuous activation functions are investigated, without assuming the boundedness of the activation functions and the differentiability of time-varying delays, as needed in most other papers. The neural networks contain reaction-diffusion terms and both variable and unbounded delays. Some sufficient conditions ensuring the existence and uniqueness of periodic solution and stability of neural networks with reaction-diffusion terms and both variable and unbounded delays are obtained by analytic methods and inequality technique. Furthermore, the exponential converging index is also estimated. The methods, which does not make use of Lyapunov functional, is simple and valid for the periodicity and stability analysis of neural networks with variable and/or unbounded delays. The results extend some previous results. Two examples are given to show the effectiveness of the obtained results.