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This paper focuses on the problem of guaranteed cost control for Takagi-Sugeno (T-S) fuzzy systems with time-varying delayed state. A linear quadratic cost function is considered as a performance index of the closed-loop fuzzy system. Then, the guaranteed cost control of the closed-loop fuzzy system is discussed, and the sufficient conditions are provided for the construction of a guaranteed cost controller via state feedback and observer-based output feedback. When these conditions, which are given in terms of the feasibility of linear matrix inequalities (LMIs), are satisfied, the designed state feedback controller and observer-based controller gain matrices can be obtained via a convex optimization problem. Two illustrative examples are provided to demonstrate the effectiveness of the approaches proposed in this paper.