This paper studies the dynamics of a fractional-order Riccati differential equation with perturbed delay and introduces a novel concept of perturbed delay. The study focuses on understanding the behaviour of the solution through the application of analytical techniques to investigate the existence and uniqueness of the solution and its continuous dependence on initial conditions. Analyses of Hopf bifurcations and the local stability of fixed points are studied. The discrete system is generated by piecewise constant arguments in order to simulate the behaviour of the system under consideration. The local stability analysis of the fixed points of the discrete system is presented. Numerical simulations using bifurcation diagrams, Lyapunov exponents and phase diagrams are illustrated. This helps confirm our research and unearth more complex dynamics. The theoretical results of the fractional order Riccati differential equation with delay and its perturbed equation are compared. Our results show that, under specific conditions, the fractional-order Riccati differential equation with perturbed delay exhibits equivalent dynamical properties to the fractional-order Riccati differential equation with delay.