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1. Check Python3 root
>>> import sys
>>> import os
>>> sys.executable
'/usr/local/bin/python3'

OR

$ which python3
/usr/local/bin/python3

2. Modify user-config.jam

Ex. location:

/boost_1_57_0/tools/build/example/user-config.jam

Ex. modification

using python : 3.4 : /usr/local/bin/python3 : /usr/local/include/python3.4m : /usr/local/lib ;

4. ./bootstrap.sh --with-python=/usr/local/bin/python3 --with-python-version=3.4 --with-python-root=/usr/local/lib/python3.4

Ex.
Building Boost.Build engine with toolset gcc... tools/build/src/engine/bin.linuxx86/b2
Unicode/ICU support for Boost.Regex?... /usr
Backing up existing Boost.Build configuration in project-config.jam.3
Generating Boost.Build configuration in project-config.jam...

Bootstrapping is done. To build, run:

    ./b2
    
To adjust configuration, edit 'project-config.jam'.
Further information:

   - Command line help:
     ./b2 --help
     
   - Getting started guide: 
     http://www.boost.org/more/getting_started/unix-variants.html
     
   - Boost.Build documentation:
     http://www.boost.org/boost-build2/doc/html/index.html


5. sudo ./b2 --enable-unicode=ucs4 install

$ sudo ./b2 --enable-unicode=ucs4 install
sudo: unable to resolve host cobalt
[sudo] password for cobalt: 
Performing configuration checks

    - 32-bit                   : yes (cached)
    - arm                      : no  (cached)
    - mips1                    : no  (cached)
    - power                    : no  (cached)
    - sparc                    : no  (cached)
    - x86                      : yes (cached)
    - lockfree boost::atomic_flag : yes (cached)
    - has_icu builds           : yes (cached)
warning: Graph library does not contain MPI-based parallel components.
note: to enable them, add "using mpi ;" to your user-config.jam
    - zlib                     : yes (cached)
    - iconv (libc)             : yes (cached)
    - icu                      : yes (cached)
    - compiler-supports-ssse3  : yes (cached)
    - compiler-supports-avx2   : yes (cached)
    - gcc visibility           : yes (cached)
    - long double support      : yes (cached)
warning: skipping optional Message Passing Interface (MPI) library.
note: to enable MPI support, add "using mpi ;" to user-config.jam.
note: to suppress this message, pass "--without-mpi" to bjam.
note: otherwise, you can safely ignore this message.
    - zlib                     : yes (cached)

Component configuration:

    - atomic                   : building
    - chrono                   : building
    - container                : building
    - context                  : building
    - coroutine                : building
    - date_time                : building
    - exception                : building
    - filesystem               : building
    - graph                    : building
    - graph_parallel           : building
    - iostreams                : building
    - locale                   : building
    - log                      : building
    - math                     : building
    - mpi                      : building
    - program_options          : building
    - python                   : building
    - random                   : building
    - regex                    : building
    - serialization            : building
    - signals                  : building
    - system                   : building
    - test                     : building
    - thread                   : building
    - timer                    : building
    - wave                     : building

...patience...
...patience...
...patience...
...patience...
...patience...
...patience...
...found 35166 targets...
...updating 6 targets...
gcc.link.dll bin.v2/libs/python/build/gcc-4.8/release/threading-multi/libboost_python3.so.1.57.0
common.copy /usr/local/lib/libboost_python3.so.1.57.0
ln-UNIX /usr/local/lib/libboost_python3.so
gcc.archive bin.v2/libs/python/build/gcc-4.8/release/link-static/threading-multi/libboost_python3.a
common.copy /usr/local/lib/libboost_python3.a
...updated 6 targets...