Both exponential stability and periodic oscillatory solutions are considered for reaction–diffusion recurrent neural networks with continuously distributed delays. By constructing suitable Lyapunov functional, using M-matrix theory and some analysis techniques, some simple sufficient conditions are given ensuring the global exponential stability and the existence of periodic oscillatory solutions for reaction–diffusion recurrent neural networks with continuously distributed delays. Moreover, the exponential convergence rate is estimated. These results have leading significance in the design and applications of globally exponentially stable and periodic oscillatory neural circuits for reaction–diffusion recurrent neural networks with continuously distributed delays. Two examples are given to illustrate the correctness of the obtained results.