  The $B$ $V$ $R_c$ $I_c$ bands light curves of the newly discovered binary
system \astrobj{GSC 03122-02426} are obtained and analyzed using the
Wilson-Devinney (W-D) code. The solutions suggest that the mass ratio of the
binary system is $q = 2.70$ and the less massive component is $422K$ hotter
than the more massive one. We conclude that \astrobj{GSC 03122-02426} is a
W-subtype shallow contact (with a contact degree of $f = 15.3\,\%$) binary
system. It may be a newly formed contact binary system which is just under
geometrical contact and will evolve to be a thermal contact binary system. The
high orbital inclination ($i = 81.6^{\circ}$) implies that \astrobj{GSC
03122-02426} is a total eclipsing binary system and the photometric parameters
obtained by us are quite reliable. We also estimate the absolute physical
parameters of the two components in \astrobj{GSC 03122-02426}, which will
provide fundamental information for the research of contact binary systems. The
formation and evolutionary scenario of \astrobj{GSC 03122-02426} is discussed.
