The Hatf VI (Shaheen II) missile with a range of 2,000 kilometres was launched from an undisclosed location, Major General Shaukat Sultan, a military spokesman, said.
The Hatf VI is a two-stage solid fuel missile which can carry nuclear and conventional warheads with high accuracy. An advanced version has a potential range of 2,500 km.
The missile has the capability to hit major cities in neighbouring India.
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"The test was very successful. It was carried out to validate technical parameters," Sultan said, "it is a two-stage solid fuel based missile and it hit the target with 100 per cent accuracy."
A military official said the missile "can carry all types of warheads including nuclear".
Despite a recent thaw in relations with neighbouring India, the nuclear-rivals have been engaged in an arms race.
With a long history of distrust between the two, India is likely to be critical of Pakistan's latest missile test.
Pakistani and Indian officials had signed an agreement in New Delhi only on Wednesday to reduce the risk of an accidental nuclear war between them.
Pakistan became a declared nuclear power in 1998 in response to nuclear tests by India.
Pakistan also tested its first missile in 1998, while New Delhi tested its first atomic bomb in 1974.