The effects of time delay on stochastic resonance (SR) in a bistable system with time delay, correlated noises and periodic signal are studied by using the theory of signal-to-noise ratio (SNR). The expression of the SNR is derived under the adiabatic limit and the small delay time approximation. It is found that: (i) For the case of no correlations between multiplicative and additive noise, the delay time τ can enhance the SNR as a function of the multiplicative noise intensity α and it can restrain the SNR as a function of the additive noise intensity D; (ii) For the case of correlations between multiplicative and additive noise, τ can induce a minimum and maximum in curve of the SNR as a function of α, and can intensively restrain the SNR as a function of the D and there is a critical value of delay tim τc=0.1 in the height of the SNR peak with change of τ, i.e., when τ takes value blow τc, the τ boosts up the SNR as a function of the strength λ of correlations between multiplicative and additive noise, however, when τ takes value above τc, the τ restrains that.