The co-existence of collision avoidance and time-asymptotic flocking of multi-particle systems with measurement delay is considered. Based on Lyapunov stability theory and some auxiliary differential inequalities, a delay-related sufficient condition is established for this system to admit a time-asymptotic flocking and collision avoidance. The estimated range of the delay is given, which may affect the flocking performance of the system. An analytical expression was proposed to quantitatively analyze the upper bound of this delay. Under the flocking conditions, the exponential decay of the relative velocity of any two particles in the system is characterized. Particularly, the collision-free flocking conditions are also given for the case without delay. This work verifies that both collision avoidance and flocking behaviors can be achieved simultaneously in a delay system.