In this paper, we study a cosmological model in the background of FLRW space time by assuming an appropriate parametrization in the form of a differential equation in terms of energy density of scalar field ρ φ , which is defined as Energy Density Scalar Field Differential equation (EDSFD) parametrization. This EDSFD parametrization leads to a required phase transition from early deceleration to present cosmic acceleration. This parametrization is used to reconstruct the equation of state parameter ω φ (z) to examine the evolutionary history of the universe in a flat FLRW space time. Here, we constrain the model parameter using the various observational datasets of Hubble parameter H(z), latest Union 2.1 compilation dataset SN eIa, BAO, joint dataset H(z)+SN eIa and H(z)+SN eIa+BAO for detail analysis of the behaviour of physical parameters and we find its best fit present value. Also, we study the dynamics of our parametric model, briefly analyse the behaviours of the physical features using some diagnostic tools, and examine the viability of our model.