Abstract: EPC Class-1 Generation-2 Version-2 (Gen2v2 for short) not only inherits the advantages of the original standard in terms of long reading range and large reading volume, but proposes a new security framework to enhance the security of radio frequency identification (RFID) system. Nowadays, the authentication protocol designed under the security framework has emerged as a hot topic. Based on the analysis of the existing Gen2v2-compliant authentication protocols, a new effective privacy preserving authentication protocol for Gen2v2 standard is proposed. The protocol is able not only to provide data confidentiality, anonymity and forward security, but also to withstand the tag impersonation attack, tracking attack, sniffing attack, replay attack and desynchronization attack. Compared with the existing works, the protocol has a lower communication and time overhead, and is more suitable for large-scale deployment.