In this paper, we introduce and study a new class of analytic and multivalent (p-valent) functions involving higherorder derivatives. For this multivalent function class, we derive several interesting properties including coefficient inequalities, distortion theorems and extreme points. Several applications involving an integral operator are also considered. Finally, we obtain some results for the modified Hadamard product of functions belonging to the multivalent function class introduced in this paper. Relevant connections of the results presented in this paper with those in a number of other related works on this subject are also pointed out.