With the aid of weighted sharing of values we prove a result on the uniqueness of meromorphic functions sharing three values. Our result improve and supplement some earlier results of Lahiri [6], Yi [21] and some very recent results of both the present author [2] and Chen, Shen, Lin [4]. We also exhibit some examples to show that our result is best possible. In the application part of our result we show that some results obtained by Chen, Shen, Lin [4] are wrong by obtaining the actual results.