When modeling neural networks in a real world, not only diffusion effect and fuzziness cannot be avoided, but also self-inhibitions, interconnection weights, and inputs should vary as time varies. In this paper, we discuss the dynamical behaviors of delayed reaction–diffusion fuzzy cellular neural networks with varying periodic self-inhibitions, interconnection weights as well as inputs. By using Halanay’s delay differential inequality, M-matrix theory and analytic methods, some new sufficient conditions are obtained to ensure the existence, uniqueness, and global exponential stability of the periodic solution, and the exponentially convergent rate index is also estimated. In particular, the traditional assumption on the differentiability of the time-varying delays is no longer needed. The methodology developed in this paper is shown to be simple and effective for the exponential periodicity and stability analysis of neural networks with time-varying delays. Two examples are given to show the usefulness of the obtained results that are less restrictive than recently known criteria.