A modified Leslie-Gower predator-prey system with two delays is investigated. By choosing τ1 and τ2 as bifurcation parameters, we show that the Hopf bifurcations occur when time delay crosses some critical values. Moreover, we derive the equation describing the flow on the center manifold; then we give the formula for determining the direction of the Hopf bifurcation and the stability of bifurcating periodic solutions. Numerical simulations are carried out to illustrate the theoretical results and chaotic behaviors are observed. Finally, using a global Hopf bifurcation theorem for functional differential equations, we show the global existence of the periodic solutions.