We introduce a new norm on the space of all bounded linear operators on a complex Hilbert space, which generalizes the numerical radius norm, the usual operator norm and the modified Davis–Wielandt radius norm. We study basic properties of this norm, including the upper and the lower bounds for it. As an application of the present study, we estimate bounds for the numerical radius of bounded linear operators. We illustrate that our results improve on some of the important existing numerical radius inequalities. Other application of this new norm have also studied.