In this paper, we propose Recoverable Password Based Key Exchange Protocol(RPKEP). RPKEP has user who has password, server which share the secret key information with user, and password recovery agency(PRA) which help to recover the user`s password. Proposed protocol has some advantages that it is secure against off-line dictionary attack which is considered most important in password based key exchange protocol and suer`s security is preserved even though user`s secret information stored in the server is disclosed. By applying Chaum`s blind signature scheme in the process of password recovery, even the PRA can`t obtain any information about user`s password.