We describe the time-dependent properties of a new spectroscopically confirmed Mira variable, which was discovered in 2013 as MASTER-Net Optical Transient (OT) J212444.87+321738.3 towards the Cygnus constellation. We have performed long-term optical/near-infrared (NIR) photometric and spectroscopic observations to characterize the object. From the optical/NIR light curves, we estimate a variability period of 465 ± 30 days. The wavelength-dependent amplitudes of the observed light-curves range from ∆I∼4 mag to ∆K∼1.5 mag. The (J-K) color-index varies from 1.78 to 2.62 mag over phases. Interestingly, a phase lag of ∼60 days between optical and NIR light curves is also seen, as in other Miras. Our optical/NIR spectra show molecular features of TiO, VO, CO, and strong water bands which are a typical signature of oxygen-rich Mira. We rule out S-or C-type as ZrO bands at 1.03 and 1.06 µm and C 2 band at 1.77 µm are absent. We estimate the effective temperature of the object from the SED, and distance and luminosity from standard Period-Luminosity relations. The optical/NIR spectra display time-dependent atomic and molecular features (e.g. TiO, NaI, CaI, H 2 O,CO), as commonly observed in Miras. Such spectroscopic observations are useful for studying pulsation variability in Miras.