In this paper, we establish that the number of partitions of a natural number with positive odd rank is equal to the number of two-color partitions (red and blue), where the smallest part is even (say $2n$) and all red parts are even and lie within the interval $(2n,4n]$. This led us to derive a new representation for the third order mock theta function $f_3(q)$ and an analogue of the fundamental identity for the smallest part partition function Spt$(n)$, both of which are of significant interest in their own right. We also consider the odd smallest part version of the above two-color partition, whose generating function involves another third order mock theta function $φ_3(q)$.