An efficient parallel finite element-based nonoverlapping domain decomposition iterative technique formulated with polynomial preconditioned GMRES method is presented. Unlike the standard row-oriented partitioning of a matrix, the finite element based domain decomposition solver with polynomial preconditioning circumvents the assembly of matrix, reordering of matrix, redundant computations associated with the interface elements, numerical problems associated with local preconditioner, and costly global preconditioner construction. A dramatic reduction in parallel overhead both in terms of computation and communication results in a highly scalable solver. The parallel performance results for large-scale static and dynamic problems on the IBM SP2 and the SGI Origin are presented.