Recent measurements showed that the period derivative of the high-B radio pulsar PSR J1734-3333 is increasing with time. For neutron stars evolving with fallback disks, this rotational behavior is expected in certain phases of the long-term evolution. Using the same model as employed earlier to explain the evolution of anomalous X-ray pulsars and soft gamma-ray repeaters, we show that the period, the first and second period derivatives and the X-ray luminosity of this source can simultaneously acquire the observed values for a neutron star evolving with a fallback disk. We find that the required strength of the dipole field that can produce the source properties is in the range of 10^{12} - 10^{13} G on the pole of the neutron star. When the model source reaches the current state properties of PSR J1734-3333, accretion onto the star has not started yet, allowing the source to operate as a regular radio pulsar. Our results imply that PSR J1734-3333 is at an age of ~ 3 x 10^4 - 2 x 10^5 years. Such sources will have properties like the X-ray dim isolated neutron stars or transient AXPs at a later epoch of weak accretion from the diminished fallback disk.
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