  We have presented a multiwavelength temporal and spectral study of the Blazar
PKS 0346-27 for the period 2019 January-2021 December (MJD 58484-59575) using
data from Fermi-LAT (gamma-rays), Swift-XRT (X-rays) and Swift-UVOT
(ultra-violet and optical). We identified multiple flaring episodes by
analyzing the gamma-ray light curve generated from the Fermi-LAT data over a
two-year period. The light curves of these individual gamma-ray flares with
one-day binning were then modeled using a sum-of-exponentials fit. We found the
minimum variability times for the gamma-ray light curve to be 1.34 +\- 0.3 days
and a range of 0.1-3.2 days for the Swift wavelengths suggesting the
compactness of the source. The broadband emission mechanism was studied by
modeling the simultaneous multi-waveband Spectral Energy Distributions (SED)
using the one-zone leptonic emission mechanism. We found that the optical-UV
and X-ray data can be explained by the synchrotron and Synchrotron Self-Compton
(SSC) emissions. However, the disk component of the External Compton radiation
is dominant at higher energies with contributions from the EC broad line region
component and SSC. Further, we performed a power spectral density (PSD)
analysis with data from the gamma-ray light curve using the power spectrum
response (PSRESP) method. With the power law model, a best-fit slope of 2.15
+\- 0.87 was found. This source could be a promising target for upcoming CTA
for its harder spectrum at lower energies (tens of GeV).
