New Multi-color B V R c I c photometric observation are presented for W UMa type eclipsing binary V1073 Cyg. The multi-color light curves analysis with the Wilson-Devinney(W-D) procedure acquired the absolute parameters of this system, showing thatV1073Cyg is a shallow contact binary system with fill-out factor f = 0.124(±0.011). We collected all available times of light minima spanning 119 years including CCD data to construct the O-C curve and made detailed O-C analysis. The O-C diagram shows that the period change is complex. There exist a long-term continuous decrease and a cyclic variation. The period is decreasing at a rate ofṖ = −1.04(±0.18) × 10 −10 days · cycle −1 , and with the period decrease, V1073 Cyg will evolve to deep contact stage. The cyclic variation with a period of P 3 = 82.7(±3.6)years and an amplitude of A = 0.028(±0.002)day may be explained by the magnetic activity of one or both components or the light travel time effect (LTTE) caused by a distant third companion with M 3 (i ′ = 90 • ) = 0.511M ⊙ .