Analytic perturbations are understood here as shifts of the form
M
z
+
F
M_z + F
, where
M
z
M_z
is the unilateral shift and
F
F
is a finite rank operator on the Hardy space over the open unit disk. Here the term “a shift” refers to the multiplication operator
M
z
M_z
on some analytic reproducing kernel Hilbert space. In this paper, first, a natural class of finite rank operators is isolated for which the corresponding perturbations are analytic, and then a complete classification of invariant subspaces of those analytic perturbations is presented. Some instructive examples and several distinctive properties (like cyclicity, essential normality, hyponormality, etc.) of analytic perturbations are also described.