This article presents a new asymmetric Lyapunov–Krasovskii functional method on the stability and stabilization of Takagi–Sugeno fuzzy systems with time delay. For the reduction of conservativeness, combining the method with the membership-function-dependent approach, we propose a novel delay-dependent stability condition in the form of linear matrix inequalities. Based on the condition, we further obtain a novel condition of stabilization. At the end, we provide two numerical examples to verify the advantage of the stability and stabilization approaches, respectively.