In this paper, we present the physics performance of the ESSnuSB experiment in the standard three flavor scenario using the updated neutrino flux calculated specifically for the ESSnuSB configuration and updated migration matrices for the far detector. Taking conservative systematic uncertainties corresponding to a normalization error of 5% for signal and 10% for background, we find that there is 10 sigma (13 sigma) CP violation discovery sensitivity for the baseline option of 540 km (360 km) at delta(CP) = +/- 90 degrees. The corresponding fraction of delta(CP )for which CP violation can be discovered at more than 5 sigma is 70%. Regarding CP precision measurements, the 1 sigma error associated with delta(CP )= 0 degrees is around 5 degrees and with delta(CP )= -90 degrees is around 14 degrees (7 degrees) for the baseline option of 540 km (360 km). For hierarchy sensitivity, one can have 3 sigma sensitivity for 540 km baseline except delta(CP) = +/- 90 degrees and 5 sigma sensitivity for 360 km baseline for all values of delta(CP). The octant of theta(23) can be determined at 30 for the values of: theta(23) > 51 degrees (theta(23) < 42 degrees and theta(23) > 49 degrees) for baseline of 540 km (360 km). Regarding measurement precision of the atmospheric mixing parameters, the allowed values at 3 sigma are: 40 degrees < theta(23) < 52 degrees (42 degrees < theta(23) < 51.5 degrees) and 2.485 x 10(-3) eV(2) < Delta(2)(m31) < 2.545 x 10(-3) eV(2) (2.49x 10(-3 ) eV(2) < Delta(2)(m31) < 2.54 x 10(-3) eV(2)) for the baseline of 540 km (360 km).