Summary: The Lotka-Volterra equations are widely used in modeling biological, chemical, economic and other processes. This paper presents the results on the stability study of the nonlinear Lotka-Volterra equation with a non-unique equilibrium position and taking into account the variable delay. The stability study of equilibrium positions and investigation of limiting behavior were carried out using direct analysis of the solutions as well as the construction of Lyapunov functionals that satisfy the conditions of well-known stability theorems.