The dynamics of a single elastoviscoplastic drop immersed in plane shear flow of a Newtonian fluid is studied by three-dimensional direct numerical simulations using a finite-difference/level set method combined with the Saramito model for the elastoviscoplastic fluid. This model gives rise to a yield stress behavior, where the unyielded state of the material is described as a Kelvin-Voigt viscoelastic solid and the yielded state as a viscoelastic Oldroyd-B fluid. Yielding of an initially solid drop of Carbopol is simulated under successively increasing shear rates. We proceed to examine the roles of nondimensional parameters on the yielding process; in particular, the Bingham number, the capillary number, the Weissenberg number and the ratio of solvent and total drop viscosity are varied. We find that all of these parameters have a significant influence on the drop dynamics, and not only the Bingham number. Numerical simulations predict that the volume of the unyielded region inside the droplet increases with the Bingham number and the Weissenberg number, while it decreases with the capillary number at low Weissenberg and Bingham numbers. A new regime map is obtained for the prediction of the yielded, unyielded and partly yielded modes as a function of the Bingham and Weissenberg numbers. The drop deformation is studied and explained by examining the stresses in the vicinity of the drop interface. The deformation has a complex dependence on the Bingham and Weissenberg numbers. At low Bingham numbers, the droplet deformation shows a non-monotonic behaviour with an increasing drop viscoelasticity. In contrast, at moderate and high Bingham numbers, droplet deformation always increases with drop viscoelasticity. Moreover, it is found that the deformation increases with the capillary number and with the solvent to total drop viscosity ratio. A simple ordinary differential equation model is developed to explain the various behaviours observed numerically. The presented results are in contrast with the heuristic idea that viscoelasticity in the dispersed phase always inhibits deformation.