SummaryIn terms of computational complexity and fault tolerance, distributed networked control systems (DNCSs) is favorable for large‐scale processes. However, it poses additional limitations on the achievable control performance, especially when communication delay is present. The conventional minimum variance (MV) benchmarks mainly consider the limitations caused by the system itself and can give overly estimates of achievable performance when applied to the systems under distributed networked control. This paper proposes a solution to the MV benchmark for DNCSs considering both system time delays and time‐invariant communication delays. Furthermore, lower and upper bounds of the MV benchmark are proposed to assess the performance of DNCSs when there are time‐varying communication delays. These results are useful for evaluating the potential performance improvement if a DNCS is implemented to replace a decentralized control system. The proposed results are illustrated by a simulation example.