The paper proposes a time-delayed hyperchaotic system composed of multiscroll attractors with multiple positive Lyapunov exponents (LEs), which are described by a three-order nonlinear retarded type delay differential equation (DDE). The dynamical characteristics of the time-delayed system are far more complicated than those of the original system without time delay. The three-order time-delayed system not only generates hyperchaotic attractors with multiscroll but also has multiple positive LEs. We observe that the number of positive LEs increases with increasing time delay. Through numerical simulations, the time-delayed system exhibits a larger number of scrolls than the original system without time delay. Moreover, different numbers of scrolls with variable delay and coexistence of multiple attractors with a variable number of scrolls are also observed in the time-delayed system. Finally, we setup electronic circuit of the proposed system, and make Pspice simulations to it. The Pspice simulation results agree well with the numerical results.