In this manuscript, a two‐fluid magnetized plasma oscillator subjected to parametric excitation with square delayed feedback is studied both analytically and numerically. The Hamilton systems of triple‐well and narrow single‐well are discussed in detail. The scenarios of phase portraits and equilibria are given. Homoclinic and heteroclinic orbits are strictly derived. With the Melnikov method, the critical value of chaos arising from homoclinic or heteroclinic intersections is derived analytically. We have discovered some interesting dynamic phenomena, such as uncontrollable time delays with which chaos always occurs for this system. The influence of time‐delay on the chaotic property is also studied rigorously. On the basis of theoretical analysis, some numerical simulations including time histories, phase portraits, bifurcation diagrams, Poincaré sections, Lyapunov exponential spectrums and attractor basins are given. Numerical simulations are consistent with theoretical results.