In this paper we obtain a new static and spherically symmetric model of compact star whose spacetime satisfies Karmarkar's condition (1948). The Einstein's field equations are solved by employing a physically reasonable choice of the metric coefficient g(rr) so that the obtained solution is free from central singularities. Our model satisfies all the energy conditions as well as the causality condition. By assigning some particular values mass and radius of the compact stars PSR J0347+0432, Cen X-3 and Vela X-1 have been obtained which are very close to the observational data proposed by Antoniadis et al. (Science 340: 1233232, 2013), Abubekerov et al. (Astron. Rep. 48: 89, 2004) and Ash et al. (Mon. Not. R. Astron. Soc. 307: 357, 1999). For the neutron star candidate PSR J0348+0432, we expect a very stiff equation of state to support its massive mass which corresponds to a large value of the adiabatic index of 6.66 at the center.