In order to overcome the disadvantage that single-degree-of-freedom PID controller cannot integrate the optimal target tracking performance and anti-interference function, this article puts forward a design of two-degree-of-freedom IMC-PID controller for the time-delay control system according to the Internal Model Control (IMC) principle. It also puts forward a parameter setting method for the two-degree-of-freedom controller based on the maximum sensitivity. First of all, it deduces the relationship between one of the filter parameters with the maximum sensitivity, and determine this parameter according to the maximum sensitivity index, which gives the system strong robustness; then it revises another filter parameter according to the dynamic performance of the system, which gives the system a strong target tracking characteristic. Meanwhile, it conducts the robust stability analysis on the process model mismatch condition, and obtains the conditions for system stability. According to the simulation results, the timedelay control system which is designed based on two-degree-of-freedom IMC-PID controller has good target tracking characteristic, anti-interference performance and robustness, which proves that the parameter setting method which is based on the maximum sensitivity is effective. The negative impact of time delay on the system can be effectively overcome by using the method put forward here.