In this paper, a predator-prey model with stage structure and distributed delay is investigated. Mathematical analyses of the model equation with regard to boundedness of solutions, nature of equilibria, permanence, extinction and stability are performed. By the comparison theorem, a set of easily verifiable sufficient conditions are obtained for the global asymptotic stability of nonnegative equilibria of the model. Taking the product of the per-capita rate of predation and the rate of conversing prey into predator as the bifurcating parameter, we prove that there exists a threshold value beyond which the positive equilibrium bifurcates towards a periodic solution.