One of the most important evolved security mechanisms in the wireless networks is an authentication and key agreement (AKA) protocol. In this paper, first we study the structure of Evolved Packet System Authentication and Key Agreement (EPS-AKA) protocol. Also, we discuss about the security advantages and disadvantages of the EPS-AKA protocol. Then, we review the structure of the improved versions of EPS-AKA protocol and also investigate their performance in terms of key length and complexity. Also, we propose the improved EPS-AKA protocol based on Present light weight block cipher. The security and efficiency levels of the proposed protocol are analyzed. The security investigation shows that it has higher security level than the conventional EPS-AKA protocol. Also, it has lower key length and computational complexity than the recent improved versions of EPS-AKA protocols. In fact, due to the use of light weight present block cipher, it seems that the proposed protocol has simpler structure and higher security level than the previous improved versions of EPS-AKA protocols.