In this paper a modified third order Wien bridge oscillator with fractional order memristor is proposed. Various dynamical properties of the proposed oscillator are investigated such as equilibrium points, Eigenvalues, Lyapunov exponents and bifurcation diagrams. The Lyapunov spectrum of the system for various values of fractional order is derived. Using forward and backward continuation methods of plotting bifurcation diagram, the multistability of the oscillator is investigated. The proposed oscillator is realized using Field Programmable Gate Arrays and the experiment is conducted using hardware-software co-simulation.