The soldiers were on routine patrol near the security fence with southern Gaza when the bomb went off. A soldier who was moderately injured was airlifted to a hospital and the other two soldiers were treated at the site, the army said.
Heavy exchanges of gunfire were reported in the area following the blast. No group claimed responsibility for the attack.
"Terror organizations continue their relentless attempts to harm Israeli civilians and Israel Defense Force soldiers by using the area adjacent to the security fence for laying explosive devices and attempting to carry out terror attacks," a statement released by the army said.
Three weeks ago an Israeli officer was severely injured in a bomb attack near the central Gaza border fence.