The paper first studies the reason why a three-dimensional volume conservative chaotic system proposed by Vaidyanathan and Volos can generate chaos by analyzing mechanics and energy. Then, based on numerical methods including balance characteristics, Lyapunov exponents, bifurcation diagrams, phase trajectories and so on, multi-stability of the three-dimensional volume conservative chaotic system are discovered. In addition, the threedimensional volume conservative chaotic system is realized by using FPGA, and all the results from FPGA implementation are consistent with those from numerical analysis.