Recently, Sun et el. proposed a three-party authenticated key exchange protocol using the public key of the server and the derived verifier from the Password of a user. This paper proposes a password-based three-party authenticated key exchange protocol using smartcards. Since the proposed protocol has very low computation cost by using XOR and hash function operation instead of the public key operation, and reduces the count of message transmission to 20% compared with the protocol of Sun et el., it can execute an effective authenticated key exchange. Furthermore, the proposed protocol is safe from password guessing attack by not saving passwords in the server, and it is also safe from server compromise attack because the server cannot know the shared session key between the two users.