The authors study the following Leslie-Gower predator-prey system with time delay $$\aligned \dot x(t)&=r_1x(t)\left(1-\frac{x(t-\tau)}{K}\right)-mx(t)y(t),\\
\dot y(t)&=r_2y(t)\left(1-\frac{y(t-\tau)}{\gamma x(t)}\right), \endaligned\tag1$$ where $x(t)$ and $y(t)$ represent the densities of the prey and the predator populations, respectively. The parameters $r_1, r_2, m, K$ and $\gamma$ are positive constants, where $r_1$ and $r_2$ are the intrinsic growth rates of the prey and the predator, respectively, $K$ is the carrying capacity of the prey, $\gamma x$ stands for a prey-dependent carrying capacity of the predator, $m$ is the capturing rate of the predator. $\tau>0$ is a constant representing the feedback time delay of the prey and the predator species to their own growth. By analysing the characteristic equation, the local stability of the positive equilibrium of system (1) is addressed and the existence of Hopf bifurcations is established. It is shown that system (1) can exhibit an interesting property: under certain conditions, the positive equilibrium may switch a finite number of times between being stable and being unstable, but always becomes unstable eventually. By using the normal form theory and the center manifold theorem, the direction of Hopf bifurcations and the stability of bifurcating periodic solutions are determined. Using the global bifurcation theory for functional differential equations developed by {\it J. Wu} [Trans. Am. Math. Soc. 350, No. 12, 4799--4838 (1998;

Zbl 0905.34034)], the global existence of periodic solutions of system (1) is established.