This paper is concerned with the stability and impulsive stabilization of hybrid impulsive stochastic functional differential systems with delayed impulses. Using the Razumikhin techniques and Lyapunov functions, some sufficient conditions for the pth moment exponential stability of the systems under consideration are established. Based on the derived stability results, impulsive controllers are designed to stabilize a given unstable linear or nonlinear hybrid stochastic delayed differential system. Different from the existing stability and impulsive stabilization results in the literature, the results obtained in this paper shown that the delayed part of impulses can make a contribution to the stability of systems. Three examples are provided to present the effectiveness and advantages of the proposed results.