  New Multi-color $B$ $V$ $R_c$ $I_c$ photometric observation are presented for
W UMa type eclipsing binary V1073 Cyg. The multi-color light curves analysis
with the Wilson-Devinney(W-D) procedure acquired the absolute parameters of
this system, showing that V1073Cyg is a shallow contact binary system with
fill-out factor $f=0.124(\pm0.011)$. We collected all available times of light
minima spanning 119 years including CCD data to construct the O-C curve and
made detailed O-C analysis. The O-C diagram shows that the period change is
complex. There exist a long-term continuous decrease and a cyclic variation.
The period is decreasing at a rate of $\dot P=-1.04(\pm0.18)\times 10^{-10}$
$days\cdot{cycle}^{-1}$, and with the period decrease, V1073 Cyg will evolve to
deep contact stage. The cyclic variation with a period of $P_3=82.7(\pm3.6)
years$ and an amplitude of $A=0.028(\pm0.002) day$ may be explained by the
magnetic activity of one or both components or the light travel time effect
(LTTE) caused by a distant third companion with
$M_3({i'}=90^{\circ})=0.511M_\odot$.
