A hepatitis B virus infection model with time delay is discussed. By analyzing the corresponding characteristic equations, the local stability of each of the feasible equilibria of the model is studied. By using comparison arguments, it is proved that if the basic reproduction ratio is less than unity, the infection-free equilibrium is globally asymptotically stable. If the basic reproduction ratio is greater than unity, by means of an iteration technique, sufficient conditions are derived for the global asymptotic stability of the virus-infected equilibrium. Numerical simulations are carried out to illustrate the theoretical results.