In this Letter, several sufficient conditions are derived for the existence and uniqueness of periodic oscillatory solution for bi-directional associative memory (BAM) networks with time-varying delays by employing a new Lyapunov functional and an elementary inequality, and all other solutions of the BAM networks converge exponentially to the unique periodic solution. These criteria are presented in terms of system parameters and have important leading significance in the design and applications of periodic neural circuits for delayed BAM. As an illustration, two numerical examples are worked out using the results obtained.