ABSTRACT In this study, we report identification of a new ultraluminous X-ray source (ULX) named as X-7 in NGC 1316, with an unabsorbed luminosity of 2.1 × 1039 erg s−1 using the two recent Chandra archival observations. The X-7 was detected in the Chandra 2001 observation and was included in the source list of the NGC 1316 as CXOUJ032240.8−371224 with a luminosity of 5.7 × 1038 erg s−1. Present luminosity implies a luminosity increase of a factor of ∼4. The best-fitting spectral model parameters indicate that X-7 has a relatively hot disc and hard spectra. If explained by a disc blackbody model, the mass of compact object is estimated as ∼8 M⊙ which is in the range of a stellar-mass black hole. The X-7 shows a relatively long-term count rate variability while no short-term variability is observed. We also identified a unique optical candidate within 0.22 arcsec error circle at 95 per cent confidence level for X-7 using the archival HST/ACS (Hubble Space Telescope/Advanced Camera for Surveys) and HST/WFC3 (The Wide Field Camera 3) data. Absolute magnitude (MV) of this candidate is −7.8 mag. Its spectral energy distribution is adequately fitted a blackbody model with a temperature of 3100 K indicating an M type supergiant, assuming the donor star dominates the optical emission. In addition, we identified a transient ULX candidate (XT-1) located 6 arcsec away from X-7 has a (high) luminosity of ∼1039 erg s−1 with no visible optical candidate.