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Mathematical modeling is very helpful for noninvasive investigation of glucose-insulin interaction. In this paper, a new time-delay mathematical model is proposed for glucose-insulin endocrine metabolic regulatory feedback system incorporating the β-cell dynamic and function for regulating and maintaining bloodstream insulin level. The model includes the insulin degradation due to glucose interaction. The dynamical behavior of the model is analyzed and two-dimensional bifurcation diagrams with respect to two essential parameters of the model are obtained. The results show that the time-delay in insulin secretion in response to blood glucose level, and the delay in glucose drop due to increased insulin concentration, can give rise to complex dynamics, such as periodic oscillation. These dynamics are consistent with the biological findings and period doubling cascade and chaotic state which represent metabolic disorder that may lead to diabetes mellitus.