We present the results of the study of the contact binary system BO CVn. We have obtained physical parameters of the components based on combined analysis of new, multi-color light curves and spectroscopic mass ratio. This is the first time the latter has been determined for this object. We derived the contact configuration for the system with a very high filling factor of about 88 percent. We were able to reproduce the observed light curve, namely the flat bottom of the secondary minimum, only if a third light has been added into the list of free parameters. The resulting third light contribution is significant, about 20-24 percent, while the absolute parameters of components are: M1=1.16, M2=0.39, R1=1.62 and R2=1.00 (in solar units). The O-C diagram shows an upward parabola which, under the conservative mass transfer assumption, would correspond to a mass transfer rate of dM/dt = 6.3 times 10-8Modot/yr, matter being transferred from the less massive component to the more massive one. No cyclic, short-period variations have been found in the O-C diagram (but longer-term variations remain a possibility)
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