This paper is concerned with the stability and stabilization problems of T-S fuzzy systems with time-varying delays. The purpose is to develop a new state-feedback controller design method with less conservatism. First, a novel Lyapunov-Krasovskii functional is constructed by combining delay-product-type functional method together with the state vector augmentation. By utilizing Wirtinger-based integral inequality and an extended reciprocally convex matrix inequality, a less conservative delay-dependent stability condition is developed. Then, the corresponding controller design method for the closed-loop delayed fuzzy system is derived based on parallel distributed compensation scheme. Finally, two classic numerical examples are given to show the effectiveness and merits of the proposed approaches.