As a new type of wireless mobile networks, Ad Hoc networks do not depend on any fixed infrastructure, and have no centralized control unit and so its computation capabilities are limited by mobile nodes. Recently, Wang, et al. proposed a novel multi-party key agreement protocol with password authentication and sharing password evolvement for Ad Hoc networds and claimed their protocol secure and efficient. However, the research shows the protocol is insecure against off-line password guessing attack and forgery attack. We also point out that the protocol does not meet forward security, backward security and dynamic key evolvement.