In this modern era of digital communication even a trivial task needs to be performed over internet which is not secure. Many cryptographic algorithms existed to provide security which facilitates secure communication through internet. As these algorithms need a secret session key, it is required to interchange this key in a secure way. In two-party communication, two clients initially share a low random (entropy) password through a secure channel to establish a secret session key. But this paradigm necessitates high maintenance of passwords, since each communicating pair requires separate passwords to establish a secure session key. In three-party communication network, each communication party shares a password with the trusted third-party (server) to exchange a secret session key. The beauty of this setting is that, even a server does not know the session key. The Password Authenticated Encrypted Key Exchange (PA-EKE) protocols have attracted a lot of curiosity to authors to propose various two-party and three-party PA-EKE protocols. Security flaws in various protocols proposed by Chang-Chang, Yoon-Yoo, PSRJ and Raj et al. inspired to design a robust, computationally efficient and highly secure protocol. This paper is an attempt to propose a secure and novel Password Authenticated 3P-EKE protocol using XOR operations and analogous (parallel) message transmission. The proposed protocol is easy to design and more secured against all types of attacks like password guessing, replay, pre-play, server spoofing etc. which made this protocol special.