With the development of power system, the stability of the equilibrium point and Hopf bifurcation are more and more important to the research on power system. This paper at first studies the condition for the equilibrium point existence in Lorenzlike delay system. Under this condition, the stability of the system at the equilibrium point is obtained by the analysis of the characteristic root distribution of the linearized system at the equilibrium point of the system. With the changing of delay parameters of the system, the stability of the delay system at the equilibrium point can change corresponding, and the condition for the existence of Hopf bifurcation of this delay system is studied by taking delay as bifurcation parameter. Finally the simulation by Matalb program tests the validity of the theoretical analysis.