How to create delay function in QML?

Marcus' answer does the job, but there is one big problem.

The problem is that the callback keeps connected to triggered signal even after triggered once. This means that if you use that delay function again, the timer will triggers all callbacks connected before again. So you should disconnect the callback after triggered.

This is my enhanced version of the delay function:

Timer {
    id: timer
    function setTimeout(cb, delayTime) {
        timer.interval = delayTime;
        timer.repeat = false;
        timer.triggered.connect(cb);
        timer.triggered.connect(function release () {
            timer.triggered.disconnect(cb); // This is important
            timer.triggered.disconnect(release); // This is important as well
        });
        timer.start();
    }
}

...

timer.setTimeout(function(){ console.log("triggered"); }, 1000);

As suggested in the comments to your question, the Timer component is a good solution to this.

function Timer() {
    return Qt.createQmlObject("import QtQuick 2.0; Timer {}", root);
}

timer = new Timer();
timer.interval = 1000;
timer.repeat = true;
timer.triggered.connect(function () {
    print("I'm triggered once every second");
})

timer.start();

The above would be how I'm currently using it, and here's how I might have implemented the example in your question.

function delay(delayTime) {
    timer = new Timer();
    timer.interval = delayTime;
    timer.repeat = false;
    timer.start();
}

(Which doesn't do anything; read on)

Though the exact way you are looking for it to be implemented suggests that you are looking for it to block until the next line of your program executes. But this isn't a very good way to go about it as it would also block everything else in your program as JavaScript only runs in a single thread of execution.

An alternative is to pass a callback.

function delay(delayTime, cb) {
    timer = new Timer();
    timer.interval = delayTime;
    timer.repeat = false;
    timer.triggered.connect(cb);
    timer.start();
}

Which would allow you to use it as such.

delay(1000, function() {
    print("I am called one second after I was started.");
});

Hope it helps!

Edit: The above assumes you're working in a separate JavaScript file that you later import into your QML file. To do the equivalent in a QML file directly, you can do this.

import QtQuick 2.0

Rectangle {
    width: 800
    height: 600

    color: "brown"

    Timer {
        id: timer
    }

    function delay(delayTime, cb) {
        timer.interval = delayTime;
        timer.repeat = false;
        timer.triggered.connect(cb);
        timer.start();
    }

    Rectangle {
        id: rectangle
        color: "yellow"
        anchors.fill: parent
        anchors.margins: 100
        opacity: 0

        Behavior on opacity {
            NumberAnimation {
                duration: 500
            }
        }
    }

    Component.onCompleted: {
        print("I'm printed right away..")
        delay(1000, function() {
            print("And I'm printed after 1 second!")
            rectangle.opacity = 1
        })
    }
}

I'm not convinced that this is the solution to your actual problem however; to delay an animation, you could use PauseAnimation.