Dynamics of a third-order optical phase locked loop (OPLL) with a resonant type loop filter (LF) has been studied analytically and numerically. The range of stable synchronous operating zone of such OPLL has been estimated analytically in system and signal parameters and obtained predictions are in good agreement with numerical results. Beyond the stable region, it is found that chaotic oscillation of phase error occurs through a sequence of period doubling bifurcation. In addition to this, tracking of such periodic as well as chaotic dynamics of third-order OPLL by another OPLL in master-slave configuration has also been explored here. The tracking is possible by slave OPLL within a very short range of effective frequency offset by keeping other design parameters within the stable mode of operation. The synchronization of the master and slave OPLLs has been studied in generalized sense by considering auxiliary system. The study is very important and helpful for optical signal processing and also in chaos-based secure communication.