We propose and analyze a mathematical model of hematopoietic stem cell dynamics. This model takes into account a finite number of stages in blood production, characterized by cell maturity levels, which enhance the difference, in the hematopoiesis process, between dividing cells that differentiate (by going to the next stage) and dividing cells that keep the same maturity level (by staying in the same stage). It is described by a system of n nonlinear differential equations with n delays. We study some fundamental properties of the solutions, such as boundedness and positivity, and we investigate the existence of steady states. We determine some conditions for the local asymptotic stability of the trivial steady state, and obtain a sufficient condition for its global asymptotic stability by using a Lyapunov functional. Then we prove the instability of axial steady states. We study the asymptotic behavior of the unique positive steady state and obtain the existence of a stability area depending on all the time delays. We give a numerical illustration of this result for a system of four equations.