IPTV is an emerging technology that combines both broadcasting and tele-communication technologies, and provides various multi-media contents to the service subscribers. In general, IPTV broadcasters transmit scrambled signals (multi-media contents) to the paying subscribers, and the users within the acknowledged network descramble the signals using the smart-card. That is, users are verified through communication between STB (Set-Top Box) and smart-card. In 2004, Jiang et al. proposed a secure protocol regarding the verification process. The method has been modified and enhanced by several following research works. However, all the methods that have been proposed so far required modular exponentiation operations which may raise the smart-card costs. In this paper, we propose a new efficient mutual authentication and session-key establishment protocol using only hash functions and exclusive-or operations, and show that the proposed protocol is still secure under various security attacks.