  We have investigated the young stellar population in and around SFO 38, one
of the massive globules located in the northern part of the Galactic HII region
IC 1396, using the Spitzer IRAC and MIPS observations (3.6 to 24 micron) and
followed up with ground based optical photometric and spectroscopic
observations. Based on the IRAC and MIPS colors and H-alpha emission we
identify ~45 Young Stellar Objects (Classes 0/I/II) and 13 probable Pre Main
Sequence candidates. We derive the spectral types (mostly K- and M-type stars),
effective temperatures and individual extinction of the relatively bright and
optically visible Class II objects. Based on optical photometry and theoretical
isochrones, we estimate the spread in stellar ages to be between 1--8 Myr with
a median age of 3 Myr and a mass distribution of 0.3--2.2 Msun with a median
value around 0.5 Msun. Using the width of the H-alpha emission line measured at
10% peak intensity, we derive the mass accretion rates of individual objects to
be between 10^{-10} to 10^{-8} Msun/yr. From the continuum-subtracted H-alpha
line image, we find that the H-alpha emission of the globule is not spatially
symmetric with respect to the O type ionizing star HD 206267. We clearly detect
an enhanced concentration of YSOs closer to the southern rim of SFO~38 and
identify an evolutionary sequence of YSOs from the rim to the dense core of the
cloud, with most of the Class II objects located at the bright rim. The YSOs
appear to be aligned along two different directions towards the O6.5V type star
HD 206267 and the B0V type star HD 206773. This is consistent with the
Radiation Driven Implosion (RDI) model for triggered star formation. (Abridged)
