Eight samples of the three component cation exchanger [Bismuth(III)iodophosphate] has been synthesized by mixing different ratio of 0.1M bismuth nitrate, 0.1M potassium iodate, 0.1M orthophosphoric acid at pH between 0-1. The material shows ion exchange capacity for Na+ ion of 0.5meq/g. It has been characterized using I.R., X-ray, TGA studies. A number of ion exchange studies like pH titration, chemical stability, thermal stability and distribution behaviour were studies. Ion exchange capacity has also been determined for various metal ions such as K+, Mg2+ etc. pH titration method was also used for the determination of ion exchange capacity. On account of the Kd values and elution pattern, the cation exchanger is found to be selective for Pb2+