  We present a multi-wavelength study of the radio-loud narrow line Seyfert 1
galaxy (NLSy1), 1H 0323+342, detected by Fermi Gamma Ray Space Telescope.
Multi-band light curves show many orphan X-ray and optical flares having no
corresponding {\gamma}-ray counterparts. Such anomalous variability behavior
can be due to different locations of the emission region from the central
source. During a large flare, {\gamma}-ray flux doubling time scale as small as
$\sim$ 3 hours is noticed. We built spectral energy distribution (SED) during
different activity states and modeled them using an one-zone leptonic model.
The shape of the optical/UV component of the SEDs is dominated by accretion
disk emission in all the activity states. In the X-ray band, significant
thermal emission from the hot corona is inferred during quiescent and first
flaring states, however, during subsequent flares, non-thermal jet component
dominates. The {\gamma}-ray emission in all the states can be well explained by
inverse-Compton scattering of accretion disk photons reprocessed by the broad
line region. The source showed violent intra-night optical variability,
coinciding with one of the high {\gamma}-ray activity states. An analysis of
the overall X-ray spectrum fitted with an absorbed power-law plus relativistic
reflection component hints for the presence of Fe K-{\alpha} line and returns a
high black hole spin value of a=0.96 $\pm$ 0.14. We argue that 1H 0323+342
possesses dual characteristics, akin to flat spectrum radio quasars (FSRQs) as
well as radio-quiet NLSy1s, though at a low jet power regime compared to
powerful FSRQs.
