  We present a ground based photometry of the low-temperature contact binary BB
Peg. We collected all times of mid-eclipses available in literature and
combined them with those obtained in this study. Analyses of the data indicate
a period increase of 3.0(1) x 10^{-8} days/yr. This period increase of BB Peg
can be interpreted in terms of the mass transfer 2.4 x 10^{-8} Ms yr^{-1} from
the less massive to the more massive component. The physical parameters have
been determined as Mc = 1.42 Ms, Mh = 0.53 Ms, Rc = 1.29 Rs, Rh = 0.83 Rs, Lc =
1.86 Ls, and Lh = 0.94 Ls through simultaneous solution of light and of the
radial velocity curves. The orbital parameters of the third body, that orbits
the contact system in an eccentric orbit, were obtained from the period
variation analysis. The system is compared to the similar binaries in the
Hertzsprung-Russell and Mass-Radius diagram.
