We study the local dynamics and bifurcation analysis of a discrete-time modified Nicholson–Bailey model in the closed first quadrant R+2. It is proved that model has two boundary equilibria: O0,0,Aζ1−1/ζ2,0, and a unique positive equilibrium Brer/er−1,r under certain parametric conditions. We study the local dynamics along their topological types by imposing method of Linearization. It is proved that fold bifurcation occurs about the boundary equilibria: O0,0,Aζ1−1/ζ2,0. It is also proved that model undergoes a Neimark–Sacker bifurcation in a small neighborhood of the unique positive equilibrium Brer/er−1,r and meanwhile stable invariant closed curve appears. From the viewpoint of biology, the stable closed curve corresponds to the period or quasi-periodic oscillations between host and parasitoid populations. Some simulations are presented to verify theoretical results. Finally, bifurcation diagrams and corresponding maximum Lyapunov exponents are presented for the under consideration model.