In this manuscript, we introduce a new notion of generalized parametric bipolar metric space as a generalization of generalized parametric space and bipolar metric space. We also introduce Boyd-Wong type contractions for covariant and contravariant mappings to prove the fixed point results in the newly defined space. Some examples are also provided to illustrate the main results. Some corollaries are given of our results which shows the existence of fixed point for Banach type covariant and contravariant contractions. We solve integral and fractional differential equations with the help of proved results.