In this paper, we formulate a fractional differential‐algebraic model with two discrete delays and double linear species harvesting. One of the delays denotes the time taken for digestion of the prey, and the other reflects the negative feedback of the predator's density. Taking into account of the economic profit, linear predator harvesting and prey harvesting have been incorporated into the proposed predator–prey system. From the biological viewpoint, we discuss the sufficient conditions for the existence of nontrivial positive equilibrium point. By jointly using the stability theory of fractional differential‐algebraic equations and the bifurcation theory, we study the delay‐induced instability and Hopf bifurcations. Finally, the correctness of the theoretical analysis is verified by numerical simulations, and the effects of delays, economic profit, and fractional exponents on the stability of the system are explored.