In this paper, we consider the linearized compressible barotropic Navier‐Stokes system in a bounded interval
with a time‐varying delay term acting in the Dirichlet boundary or internal feedback of the hyperbolic component. Assuming some suitable conditions on the time‐dependent delay term and the coefficients of feedback (delayed or not), we study the exponential stability of the concerned hyperbolic‐parabolic system. Due to the presence of the time‐varying delay term, the corresponding spatial operator is also time dependent. Using classical semigroup theory with Kato's variable norm approach, we first show the existence and uniqueness of the Navier‐Stokes system with time delay, acting in the boundary or interior. Next, we prove the two stabilization results by means of interior delay feedback and boundary delay. In both cases, we establish the exponential stability results by introducing some suitable functional energy and using the Lyapunov function approach.