In this paper, we considered a new generalization of the paralogistic distribution which we called the three-parameter paralogistic distribution. Some properties of the new distribution which includes the survival function, hazard function, quantile function, moments, Renyi entropy and the maximum likelihood estimation (MLE) of its parameters are obtained. A simulation study shows that the MLE of the parameters of the new distribution is consistent and asymptotically unbiased. An applicability of the new three-parameter paralogistic distribution was subject to a real lifetime data set alongside with some related existing distributions such as the Paralogistic, Gamma, Transformed Beta, Log-logistic and Inverse paralogistic distributions. The results obtained show that the new three-parameter paralogistic distribution was superior to other aforementioned distributions in terms of the Akaike information criterion (AIC) and K-S Statistic values. This claim was further supported by investigating the density plots, P-P plots and Q-Q plots of the distributions for the data set under study.