Quantum interference effects for a mesoscopic loop with three leads are investigated by using a one-dimensional quantum waveguide theory. The transmission and reflection probabilities are analytically obtained in terms of the magnetic flux, arm length, and wave vector. Oscillation of the magnetoconductance is explicitly demonstrated. Magnetoconductance is found to be sharply peaked for certain localized values of flux and kl. In addition, it is noticed that the periodicity of the transmission probability with respect to kl depends more sensitively on the lead position, compared to the case of the two-lead loop.