  In this paper, we introduce the counterterms that remove the non-logarithmic
divergences of the action in third order Lovelock gravity for static
spacetimes. We do this by defining the cosmological constant in such a way that
the asymptotic form of the metric have the same form in Lovelock and Einstein
gravities. Thus, we employ the counterterms of Einstein gravity and show that
the power law divergences of the action of Lovelock gravity for static
spacetimes can be removed by suitable choice of coefficients. We find that the
dependence of these coefficients on the dimension in Lovelock gravity is the
same as in Einstein gravity. We also introduce the finite energy-momentum
tensor and employ these counterterms to calculate the finite action and mass of
static black hole solutions of third order Lovelock gravity. Next, we calculate
the thermodynamic quantities and show that the entropy calculated through the
use of Gibbs-Duhem relation is consistent with the obtained entropy by Wald's
formula. Furthermore, we find that in contrast to Einstein gravity in which
there exists no uncharged extreme black hole, third order Lovelock gravity can
have these kind of black holes. Finally, we investigate the stability of static
charged black holes of Lovelock gravity in canonical ensemble and find that
small black holes show a phase transition between very small and small black
holes, while the large ones are stable.
