Bifurcation theory (center manifold and Ljapunov-Schmidt reduction, normal form theory, universal unfolding, calculation of bifurcation diagrams) has become an important and very useful means in the solution of nonlinear stability problems in many branches of engineering. The present study deals with qualitative behavior of a two-dimensional discrete-time system for interaction between prey and predator. The discrete-time model has more chaotic and rich dynamical behavior as compare to its continuous counterpart. We investigate the qualitative behavior of a discrete-time Lotka-Volterra model with linear functional response for prey. The local asymptotic behavior of equilibria is discussed for discrete-time Lotka-Volterra model. Furthermore, with the help of bifurcation theory and center manifold theorem, explicit parametric conditions for directions and existence of flip and Hopf bifurcations are investigated. Moreover, two chaos control methods, that is, OGY feedback control and hybrid control strategy, are implemented. Numerical simulations are provided to illustrate theoretical discussion and their effectiveness. INDEX TERMS Lotka-Volterra model, stability, flip bifurcation, Hopf bifurcation, chaos control.