This paper concentrates on dynamics and stability analysis of two predators-one prey mathematical model with competition between predators and fading memory in one predator. The investigation of the constructed model shows that there exist five equilibria, e.g. trivial extinction state of all populations, extinction of both predators state, extinction of first or second predator state and coexisting state. Investigating the eigenvalues of characteristic polynomial, conditions for the local stability around each equilibrium are also determined depending on the parameter space. Analytical formulations are complemented with numerical simulations, where time simulations and single parameter numerical continuation of each variable are performed with respect to model parameters and multiple sub-and super-critical Hopf bifurcations, period doubling bifurcation and transcritical bifurcation are detected for different values of memory related parameter. Our results show that fading memory and competition between predators have substantial impact on the existence and dynamics of all three populations and may shed lights on further understanding of interacting species in ecology. (C) 2022 International Association for Mathematics and Computers in Simulation (IMACS). Published by Elsevier B.V. All rights reserved.