GSC 4560-02157 is a new eclipsing cataclysmic variable with an orbital period of 0.265359 days. By using the published V − and R−band data together with our observations, we discovered that the O − C curve of GSC 4560-02157 may shows a cyclic variation with the period of 3.51 years and an amplitude of 1.40 min. If this variation is caused by a light travel-time effect via the existence of a third body, its mass can be derived as M 3 sini ′ ≈ 91.08M Jup , it should be a low-mass star. In addition, several physical parameters were measured. The colour of the secondary star was determined as V − R = 0.77(±0.03) which corresponds to a spectral type of K2-3. The secondary star's mass was estimated as M 2 = 0.73(±0.02)M ⊙ by combing the derived V − R value around phase 0 with the assumption that it obeys the mass-luminosity relation of the main sequence stars. This mass is consistent with the mass−period relation of CV donor stars. For the white dwarf, the eclipse durations and contacts of the white dwarf yield an upper limit of the white dwarf's radius corresponding to a lower limit mass of M 1 ≈ 0.501M ⊙ . The overestimated radius and previously published spectral data indicate that the boundary layer may has a very high temperature.