We present a comprehensive analysis of a bright, long duration (T90 ~ 257 s) GRB 110205A at redshift z= 2.22. The optical prompt emission was detected by Swift/UVOT, ROTSE-IIIb and BOOTES telescopes when the GRB was still radiating in the gamma-ray band. Nearly 200 s of observations were obtained simultaneously from optical, X-ray to gamma-ray, which makes it one of the exceptional cases to study the broadband spectral energy distribution across 6 orders of magnitude in energy during the prompt emission phase. By fitting the time resolved prompt spectra, we clearly identify, for the first time, an interesting two-break energy spectrum, roughly consistent with the standard GRB synchrotron emission model in the fast cooling regime. Although the prompt optical emission is brighter than the extrapolation of the best fit X/gamma-ray spectra, it traces the gamma-ray light curve shape, suggesting a relation to the prompt high energy emission. The synchrotron + SSC scenario is disfavored by the data, but the models invoking a pair of internal shocks or having two emission regions can interpret the data well. Shortly after prompt emission (~ 1100 s), a bright (R = 14.0) optical emission hump with very steep rise (alpha ~ 5.5) was observed which we interpret as the emission from the reverse shock. It is the first time that the rising phase of a reverse shock component has been closely observed. The full optical and X-ray afterglow lightcurves can be interpreted within the standard reverse shock (RS) + forward shock (FS) model. In general, the high quality prompt emission and afterglow data allow us to apply the standard fireball shock model to extract valuable information about the GRB including the radiation mechanism, radius of prompt emission R, initial Lorentz factor of the outflow, the composition of the ejecta, as well as the collimation angle and the total energy budget.
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