The rapid development of network information technology, individual’s information networks security has become a very critical issue in our daily life. Therefore, it is necessary to study the malware propagation model system. In this paper, the traditional integer order malware propagation model system is extended to the field of fractional-order. Then we analyze the asymptotic stability of the fractional-order malware propagation model system when the equilibrium point is the origin and the time delay is 0. Next, the asymptotic stability and bifurcation analysis of the fractional-order malware propagation model system when the equilibrium point is the origin and the time delay is not 0 are carried out. Moreover, we study the asymptotic stability of the fractional-order malware propagation model system with an interior equilibrium point. In the end, so as to verify our theoretical results, many numerical simulations are provided.