In the recent years, chaotic systems with uncountable equilibrium points such as chaotic systems with line equilibrium and curve equilibrium have been studied well in the literature. This reports a new 3-D chaotic system with an axe-shaped curve of equilibrium points. Dynamics of the chaotic system with the axe-shaped equilibrium has been studied by using phase plots, bifurcation diagram, Lyapunov exponents and Lyapunov dimension. Furthermore, an electronic circuit implementation of the new chaotic system with axe-shaped equilibrium has been designed to check its feasibility. As a control application, we report results for the synchronization of the new system possessing an axe-shaped curve of equilibrium points.