In this paper, a ratio-dependent predator-prey model with time delay due to the gestation of the predator and stage structure for both the predator and the prey is investigated. By analyzing the characteristic equations and applying Hurwitz criterion, the local stability of a semi-trivial boundary equilibrium and a positive equilibrium are discussed, respectively. Moreover, it is proved that the system undergoes a Hopf bifurcation at the positive equilibrium. By comparison arguments and iteration technique, the global stability of the semi-trivial boundary equilibrium and the positive equilibrium are addressed, respectively.