In this paper, a Lotka-Volterra model with time delays is considered. A set of sufficient conditions for the existence of Hopf bifurcation are obtained via analyzing the associated characteristic transcendental equation. Some explicit formulae for determining the stability and the direction of the Hopf bifurcation periodic solutions bifurcating from Hopf bifurcations are obtained by applying the normal form method and center manifold theory. Finally, the main results are illustrated by some numerical simulations.