This paper studies the dynamical behaviors of a pair of FitzHugh-Nagumo neural networks with bidirectional delayed couplings. It presents a detailed analysis of delay-independent and delay-dependent stabilities and the existence of bifurcated oscillations. Illustrative examples are performed to validate the analytical results and to discover interesting phenomena. It is shown that the network exhibits a variety of complicated activities, such as multiple stability switches, the coexistence of periodic and quasi-periodic oscillations, the coexistence of periodic and chaotic orbits, and the coexisting chaotic attractors.