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In this paper, the finite-time stabilization and destabilization of a class of quaternion-valued neural networks (QVNNs) with discrete delays are investigated. In order to surmount the difficulty of noncommutativity of quaternion, a new vector matrix differential equation (VMDE) is proposed by employing decomposition method. And then, a nonlinear controller is designed to stabilize the VMDE in a finite-time interval. Furthermore, under that controller, the finite-time stability and instability of the QVNNs are analyzed via Lyapunov function approach, and two criteria are derived, respectively; furthermore, the settling time is also estimated. At last, by two illustrative examples we verify the correctness of the conclusions.