The protein folding problem (PFP) is an important issue in bioinformatics and biochemical physics. One of the most widely studied models of protein folding is the hydrophobic-polar (HP) model introduced by Dill. The PFP in the three-dimensional (3D) lattice HP model has been shown to be NP-complete; the proposed algorithms for solving the problem can therefore only find near-optimal energy structures for most long benchmark sequences within acceptable time periods. In this paper, we propose a novel algorithm based on the branch-and-bound approach to solve the PFP in the 3D lattice HP model. For 10 48-monomer benchmark sequences, our proposed algorithm finds the lowest energies so far within comparable computation times than previous methods.