I have registered a domain name abc.com from xyz company. i have the secret code too. I have heard about the revenue from parked domains.
I would like to know how can we generate revenue from it and what do we need to park domain
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You might be a bit misinformed about parked domains. Yes, you can make money from parked domains but generally this is done by either having a domain that gets lots of traffic already (these usually aren't easily found as if they are getting good traffic they are rarely allowed to expire, etc) or you have a very large network of domains (usually expired) and you set up a landing page for each with targeted ads/affiliate links geared towards whatever the domain name signifies. This is most efficiently done using one script to power all of the expired domains by having them all point to the same document root.
An example would be if you somehow acquired espn.com (let's pretend it expired and you snapped it up). You would then set it up as a parked domain with the appropriate code in place that targets the ads to sports related affiliate searches, links, and other types of ads. You will need to create the account with the appropriate advertisers and affiliate providers.
Parking a domain is a matter of setting up your web server, like Apache, to point your parked domains to the same document root (i.e. /home/example/www/). This way they all look and act like they are separate websites but in reality they are all pointing to the same place and running off of the same code. Control panels like cPanel and Plesk make this easy to do.
Unless the domain you are parking gets a decent amount of traffic, and newly registered domains get no traffic, you won't be making much, if any, money from doing this. Like I mentioned above, the only way to make real money doing this is to have a lot of expired domains that get traffic and collectively use them to generate revenue. The scenario you provided (newly registered domain) will almost certainly make you no revenue.