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In this paper, stability and bifurcation of a general recurrent neural network with multiple time delays is considered, where all the variables of the network can be regarded as bifurcation parameters. It is found that Hopf bifurcation occurs when these parameters pass through some critical values where the conditions for local asymptotical stability of the equilibrium are not satisfied. By analyzing the characteristic equation and using the frequency domain method, the existence of Hopf bifurcation is proved. The stability of bifurcating periodic solutions is determined by the harmonic balance approach, Nyquist criterion, and graphic Hopf bifurcation theorem. Moreover, a critical condition is derived under which the stability is not guaranteed, thus a necessary and sufficient condition for ensuring the local asymptotical stability is well understood, and from which the essential dynamics of the delayed neural network are revealed. Finally, numerical results are given to verify the theoretical analysis, and some interesting phenomena are observed and reported.