In this paper, we study the well-known Bazykin's model with Holling II functional response and predator competition. A detailed bifurcation analysis, depending on all four parameters, reveals a rich bifurcation structure, including supercritical and subcritical Bogdanov-Takens bifurcation, degenerate Hopf bifurcation of codimension at most 2, and a focus type degenerate Bogdanov-Takens bifurcation of codimension 3, originating from a nilpotent focus of codimension 3 which acts as the organizing center for the bifurcation set. Moreover, some sufficient conditions to guarantee the global asymptotical stability of the semi-trivial equilibrium or the unique positive equilibrium are also given. Our analysis indicates that we can classify the long-time dynamics of the model with a threshold value c0 for the natural mortality rate c of predators, in detail, the following are true. (i) When c≥c0, the prey will persist and predators will eventually go extinct for all positive initial populations. (ii) When c<c0, the prey and predators will coexist, for all positive initial populations, in the form of multiple positive equilibria or multiple periodic orbits. Our results can be seen as a complement to the work by Bazykin et al. [2–5], Hainzl [22,23], Kuznetsov [30].