A new criterion has been obtained for the stability analysis of time varying delay systems by adopting Lyapunov-Krasovskii functional method. An appropriate Lyapunov functional has thus been constructed, with the integral term to be treated by an integral inequality based on free matrix. Based on Lyapunov-Krasovskii stability theorem, a new delay dependent condition is to be established for the system. It can be seen from the numerical comparison that the condition is less conservative, thus demonstrating the validity of the criterion.