In the present paper, we have constructed a new relativistic anisotropic compact star model having a spherically symmetric metric of embedding class one. Here we have assumed an arbitrary form of metric function eλ and solved the Einstein’s relativistic field equations with the help of Karmarkar condition for an anisotropic matter distribution. The physical properties of our model such as pressure, density, mass function, surface red-shift, gravitational redshift are investigated and the stability of the stellar configuration is discussed in details. Our model is free from central singularities and satisfies all energy conditions. The model we present here satisfy the static stability criterion, i.e. dM/dρc>0 for 0≤ρc≤4.04×1017g/cm3 (stable region) and for ρc≥4.04×1017g/cm3, the region is unstable i.e. dM/dρc≤0.