The use of Internet key exchange protocols in IP Security architecture and in IoT environments has vulnerabilities against various malicious attacks and affects communication efficiency. To address these weaknesses, we propose a novel efficient and secure Internet key exchange protocol (ESIKE), which achieves a high level of security along with low computational cost and energy consumption. ESIKE achieves perfect forward secrecy, anonymity, known-key security and untraceability properties. ESIKE can resist several attacks, such as, replay, DoS, eavesdropping, man-in-the-middle and modification. In addition, the formal security validation using AVISPA tools confirms the superiority of ESIKE in terms of security.