The three dimensional nonlinear sigma model is unrenormalizable in
perturbative method. By using the β function in the nonperturbative
Wilsonian renormalization group method, we argue that N=2
supersymmetric nonlinear σ models are renormalizable in three
dimensions. When the target space is an Einstein-K\"{a}hler manifold with
positive scalar curvature, such as CPN or QN, there are nontrivial
ultraviolet (UV) fixed point, which can be used to define the nontrivial
continuum theory. If the target space has a negative scalar curvature, however,
the theory has only the infrared Gaussian fixed point, and the sensible
continuum theory cannot be defined. We also construct a model which
interpolates between the CPN and QN models with two coupling constants.
This model has two non-trivial UV fixed points which can be used to define the
continuum theory. Finally, we construct a class of conformal field theories
with SU(N) symmetry, defined at the fixed point of the nonperturbative
β function. These conformal field theories have a free parameter
corresponding to the anomalous dimension of the scalar fields. If we choose a
specific value of the parameter, we recover the conformal field theory defined
at the UV fixed point of CPN model and the symmetry is enhanced to SU(N+1).Comment: 16 pages, 1 figure, references adde