This paper is concerned with delay-dependent stability analysis and stabilization problems for continuous-time Takagi and Sugeno (T-S) fuzzy systems with a time-varying delay. A new method for the delay-dependent stability analysis and stabilization is suggested, which is less conservative than other existing ones. First, based on a fuzzy Lyapunov-Krasovskii functional (LKF), a delay-dependent stability criterion is derived for the open-loop fuzzy systems. In the derivation process, some free fuzzy weighting matrices are introduced to express the relationships among the terms of the system equation, and among the terms in the Leibniz-Newton formula. Then, a delay-dependent stabilization condition based on the so-called parallel distributed compensation (PDC) scheme is worked out for the closed-loop fuzzy systems. The proposed stability criterion and stabilization condition are represented in terms of linear matrix inequalities (LMIs) and compared with the existing ones via two examples. Finally, application to control of a truck-trailer is also given to illustrate the effectiveness of the proposed design method.