We investigate the effects of time delayed interactions in the network of neural oscillators. We perform the stability analysis in the vicinity of a synchronized state at vanishing time delay and present a related phase diagram. In the simulations it is shown that time delay induces various phenomena such as clustering where the system is spontaneously split into two phase locked groups, synchronization, and multistability. Time delay effects should be considered both in the natural and artificial neural systems whose information processing is based on the spatio-temporal dynamic patterns.