In this paper, a new chaotic system is proposed, whose dynamical behaviors are discussed with the change of the parameters in detail. The specific effects of different parameters on the system are also discussed. By adjusting these parameters of the proposed circuit, this nonlinear circuit can produce the different dynamical behaviors, such as, hyper chaotic behavior, periodic behavior, transient behavior, etc. Furthermore, a novel kind of modified compound synchronization has been investigated, where the multiple chaotic systems have been considered for different combination modes: the compound system of four scaling drive systems and one response system. The corresponding controllers are designed to realize the modified compound synchronization. The theoretical proofs and numerical simulations are given to demonstrate the validity and applicability of the proposed chaotic system and the modified compound synchronization.