In this paper we investigate the global existence and asymptotical stability of solutions to a class of parabolic systems with homogeneous nonlinearity for both bounded and unbounded domains. First we prove both global existence and finite time blow-up of solutions of the system for different initial conditions by using the potential well method, and the asymptotic behavior of the solutions are also considered. On the other hand, we also obtain global existence and finite time blow-up of solutions for both Sobolev subcritical and critical cases. We use a method of comparing least energy levels with that of semitrivial solutions to overcome the difficulties here.