  Here we report the spectral characteristics of the high and low states of the
pulsar 4U~0114+65 and examine the change in the parameters of the spectral
model. A power law and a photoelectric absorption by material along the line of
sight together with a high energy cut-off suffice to describe the continuum
spectrum in both the states. A fluorescence iron line at $\sim$6.4 keV is
present in the high as well as in the low state, though it is less intense in
the latter. The photon index, cut-off energy and e-folding energy values hardly
show any discernible change over the states. We compare these spectral
characteristics as observed with ASCA to that with other satellites. We also
compare the spectral characteristics of 4U~0114+650 with other X-ray sources
which show intensity variation at different time scales.
