In this paper, a novel non-autonomous chaotic system with rich dynamical behaviors is proposed by introducing parametric excitation to a Lorenz-like system, and the effect of the initial value of the excitation system on the resulting system dynamics is then thoroughly investigated. The attractors resulting from the proposed chaotic system will enter different oscillating states or have topological change when the initial value varies. Furthermore, some novel bursting oscillations and bifurcation mechanism are revealed. Stability and bifurcation of the proposed 3D non-autonomous system are comprehensively investigated to analyze the causes of the observed dynamics through a range of analytical methods, including bifurcation diagram, Lyapunov exponent spectrum, and sequence and phase diagrams. Software simulation and hardware experimentation are conducted in this study, which verify the dynamic behaviors of the proposed chaotic system. This study will create a new perspective and dimension of perceiving non-autonomous chaotic systems and exploring their applicability in real-world engineering applications.