The dynamics of a single elastoviscoplastic (EVP) drop immersed in plane shear flow of a Newtonian fluid is studied by 3D direct numerical simulations using a finite-difference and level-set method combined with the Saramito model for the EVP fluid. This model gives rise to a yield stress behavior, where the unyielded state of the material is described as a Kelvin-Voigt viscoelastic solid and the yielded state as a viscoelastic Oldroyd-B fluid. Yielding of an initially solid drop of Carbopol is simulated under successively increasing shear rates. We proceed to examine the roles of nondimensional parameters on the yielding process; in particular, the Bingham number ($Bi$), capillary number ($Ca$), Weissenberg number ($Wi$), and ratio of solvent and total drop viscosity. We find that all of these parameters, and not only $Bi$, have a significant influence on the drop dynamics. Numerical simulations predict that the volume of the unyielded region inside the droplet increases with $Bi$ and $Wi$, while it decreases with $Ca$ at low $Wi$ and $Bi$. A new regime map is obtained for the prediction of the yielded, unyielded, and partly yielded modes as a function of $Bi$ and $Wi$. The drop deformation is studied and explained by examining the stresses in the vicinity of the drop interface. The deformation has a complex dependence on $Bi$ and $Wi$. At low $Bi$, the droplet deformation shows a nonmonotonic behavior with an increasing $Wi$. In contrast, at moderate and high $Bi$, droplet deformation always increases with $Wi$. Moreover, it is found that the deformation increases with $Ca$ and with the solvent to total drop viscosity ratio. A simple ordinary differential equation model is developed to explain the various behaviours observed numerically. The presented results are in contrast with the heuristic idea that viscoelasticity in the dispersed phase always inhibits deformation.