We study the problems of stability and stabilization for Takagi-Sugeno (T-S) fuzzy time-delay systems. First, by constructing a less-redundant Lyapunov-Krasovskii function and introducing a useful inequality, an innovative stability criterion is obtained, which gives a significant improvement on the performance. Compared with the exiting references, our result can use fewer unknown variables and get better results. Furthermore, based on the derived stability criteria, a new stabilization condition is developed, in which the controller gain and the maximum allowable delay bound can be obtained simultaneously. The conditions are all derived in the form of linear matrix inequality, which are easy to verify. Finally, numerical examples are given to show the effectiveness of the proposed methods.