This paper explores the multistability issue for fractional-order Hopfield neural networks with Gaussian activation function and multiple time delays. First, several sufficient criteria are presented for ensuring the exact coexistence of 3n equilibria, based on the geometric characteristics of Gaussian function, the fixed point theorem and the contraction mapping principle. Then, different from the existing methods used in the multistability analysis of fractional-order neural networks without time delays, it is shown that 2n of 3n total equilibria are locally asymptotically stable, by applying the theory of fractional-order linear delayed system and constructing suitable Lyapunov function. The obtained results improve and extend some existing multistability works for classical integer-order neural networks and fractional-order neural networks without time delays. Finally, an illustrative example with comprehensive computer simulations is given to demonstrate the theoretical results.