Structures of negative parity multi-quasiparticle states in 127Xe have been investigated through in-beam γ-ray spectroscopy. Excited states were populated via the 122Sn(9Be, 4nγ)127Xe fusion-evaporation reaction at E beam = 48 MeV. Two new negative parity bands have been identified and their structures have been discussed using the triaxial projected shell model (TPSM) approach. One of the bands is established above the I π = 27/2− state at 3702 keV and based on the experimental inferences and TPSM results, this band is interpreted as a γ-band built on a three-quasineutron configuration. The second sequence, found above I π = 31/2− state at 4848 keV, is proposed to have a two-proton aligned configuration (), considering the properties of this band with the neighbouring isotopes. The analysis of the TPSM wave function substantiates the proposed interpretation of this band.