Higher-order exceptional points (EPs), which appear as multifold degeneracies in the spectra of non-Hermitian systems, are garnering extensive attention in various multidisciplinary fields. However, constructing higher-order EPs still remains a challenge due to the strict requirement of the system symmetries. Here we demonstrate that higher-order EPs can be judiciously fabricated in parity–time ($\mathcal{PT}$)-symmetric staggered rhombic lattices by introducing not only on-site gain/loss but also non-Hermitian couplings. Zero-energy flatbands persist and symmetry-protected third-order EPs (EP3s) arise in these systems owing to the non-Hermitian chiral/sublattice symmetry, but distinct phase transitions and propagation dynamics occur. Specifically, the EP3 arises at the Brillouin zone (BZ) boundary in the presence of on-site gain/loss. The single-site excitations display an exponential power increase in the $\mathcal{PT}$-broken phase. Meanwhile, a nearly flatband sustains when a small lattice perturbation is applied. For the lattices with non-Hermitian couplings, however, the EP3 appears at the BZ center. Quite remarkably, our analysis unveils a dynamical delocalization-localization transition for the excitation of the dispersive bands and a quartic power increase beyond the EP3. Our scheme provides a new platform toward the investigation of the higher-order EPs and can be further extended to the study of topological phase transitions or nonlinear processes associated with higher-order EPs.