Recently, several one time password authentication schemes have been proposed. However, most one-time password authentication schemes have security flaws. In this paper, a novel one-time password authentication and key agreement scheme (EAKAS) based on elliptic curve digital signature chain is developed. The proposed scheme has the following merits password or verification table is not required in the server; users can choose or change password; it can resist off-line dictionary attacks and achieves mutual authentication; it has no system clock synchronization and no constraint of transmission delay; it can resist replay attacks, man-in-the-middle attack and insider attack; it is sensitive to password error and strong in security restoration; the session keys in proposed scheme have the feature of freshness, confidentiality, known key security and forward security. Compared with the related schemes, our proposed scheme has better security and well suited to scenarios requiring a high level security.