This paper presents a method for designing fuzzy $H_2/H_{infty}$ controllers of nonlinear systems with time varying delay. Takagi-Sugeno fuzzy model is employed to represent nonlinear systems with time varying delay. Using a single quadratic Lyapunov function, the globally exponential stability and $H_2/H_{infty}$ performance problem are discussed. A sufficient condition for the existence of fuzzy $H_2/H_{infty}$ controllers is then presented in terms of linear matrix inequalities(LMls). The proposed fuzzy $H_2/H_{infty}$ controllers minimizes the upper bound on the linear quadratic performance measure.