A new nonlinear dispersive partial differential equation with cubic nonlinearity, which includes the famous Novikov equation as special case, is investigated. We first establish the local well-posedness in a range of the Besov spaces Bp,rs, p,r∈[1,∞], s>max{32,1+1p} but s≠2+1p (which generalize the Sobolev spaces Hs), well-posedness in Hs with s>32, is also established by applying Katoʼs semigroup theory. Then we give the precise blow-up scenario. Moreover, with analytic initial data, we show that its solutions are analytic in both variables, globally in space and locally in time. Finally, we prove that peakon solutions to the equation are global weak solutions.