This article introduced a new Lorenzlike system of threedimensional quadratic autonomous ordinary differential equations. For theoretical analysis, the Lyapunov criterion was applied to study the stability of the equalibria of the system. Based on this, numerical simulations indicated that the considered system may display abundant dynamical behaviour, such as chaotic and various periodic motions. Moreover,the effect of two key parameters on the stability of the system was investigated,and the forming mechanism of the chaotic attractor was studied via constructing a controller of the system.