In this article, a novel four dimensional autonomous nonlinear systezm called hyperchaotic Rikitake system is proposed. Basic properties of the new system are investigated and the complex dynamical behaviors, such as time series, bifurcation diagram, and Lyapunov exponents are analyzed by dynamic analysis approaches. To control the new hyperchaotic system, the delayed feedback control is introduced. Regarding the time delay as a bifurcation parameter, stability and bifurcations with respect to time delay are investigated. Conditions assuring the existence of Hopf bifurcation and the distribution of roots to the associated characteristic equation are investigated by utilizing the polynomial theorem. Besides, the Hopf bifurcation is proved to occur when the bifurcation parameter (time delay) crosses through derived critical value. Finally, numerical simulations are provided to prove the consistence with the derived theoretical results. © 2015 Wiley Periodicals, Inc. Complexity 21: 180–193, 2016. © 2015 Wiley Periodicals, Inc.