Authenticated Key Exchange (AKE) protocol permits a user and a server to authenticate each other for the first time. It generates a session key for the successive communications without any authentication. Many AKE protocols had been proposed to obtain person privateness and authentication for the duration of conversation. Other than secured consultation key established order, these AKE protocols offer a few other useful capability like two-thing user authentication and mutual authentication. But they have got few weaknesses along with vulnerability in opposition to loss of smart card, offline dictionary assault, de-synchronization attack, person anonymity or untraceability. Also, AKE scheme the usage of public key conversation doesn’t suite nicely for lightweight computational gadgets. In this work, a novel Multi-Factor AKE protocol is proposed to overcome all the above-mentioned weaknesses. This protocol supports revoked smart card transactions. The password that is available on the USB device will be overwritten once the user used it. Passwords can be updated without centralized storage. The average time to enter a password will be defined. The user has to type the password within the allocated time, failing which he/she has to enter it again. This security model of AKE supports user anonymity and resist a lost card attack. Elliptical Curve Cryptography algorithm is used for encryption and decryption of the session key. The computational cost and the bandwidth cost for this proposed model are low, which makes it useful in pervasive computing applications and mobile communications. The proposed AKE model is much secured when compared to the existing protocols.