  New CCD photometric observations of the eclipsing system AR Boo were obtained
from February 2006 to April 2008. The star's photometric properties are derived
from detailed studies of the period variability and of all available light
curves. We find that over about 56 years the orbital period of the system has
varied due to a combination of an upward parabola and a sinusoid rather than in
a monotonic fashion. Mass transfer from the less massive primary to the more
massive secondary component is likely responsible for at least a significant
part of the secular period change. The cyclical variation with a period of 7.57
yrs and a semi-amplitude of 0.0015 d can be produced either by a
light-travel-time effect due to an unseen companion with a scaled mass of $M_3
\sin i_3$=0.081 $M_\odot$ or by a magnetic period modulation in the secondary
star. Historical light curves of AR Boo, as well as our own, display
season-to-season light variability, which are best modeled by including both a
cool spot and a hot one on the secondary star. We think that the spots express
magnetic dynamo-related activity and offer limited support for preferring the
magnetic interpretation of the 7.57-year cycle over the third-body
understanding. Our solutions confirm that AR Boo belongs to the W-subtype
contact binary class, consisting of a hotter, less massive primary star with a
spectral type of G9 and a companion of spectral type K1.
