In recent years, the analysis of the dynamics of annular neural networks has received extensive attention and achieved some achievements. However, most of the current research merely focuses on the single-ring, low-dimension, two rings sharing one neuron cases, without considering the rich coupling modes between rings. In this article, a large-scale time-delay fractional-order dual-loop neural network model with cross-coupling structure is established, in which two rings complete information interaction through two shared neurons. Moreover, the Caputo fractional derivative is introduced in this article to describe the neural network more accurately. First, the transmission time delay between each neuron is selected as the key parameter leading to the bifurcation, and the characteristic equation of the network is creatively derived using the Coates flow graph method. Subsequently, through the holistic element method and magnitude angle formula, we simplify the analytical process. Then, we obtain the stability and Hopf bifurcation criterion of the network. Finally, the conclusions of the theoretical analysis are verified by a series of numerical simulations. The results show that the stability region of the network is closely related to the fractional order, the number of neurons, the distribution of neurons, and the self-feedback coefficients. Moreover, the time delays have a significant effect on the amplitude and period of the Hopf bifurcation.