The $B$ $V$ $R_c$ $I_c$ bands light curves of the newly discovered binary system astrobj{GSC 03122-02426} are obtained and analyzed using the Wilson-Devinney (W-D) code. The solutions suggest that the mass ratio of the binary system is $q = 2.70$ and the less massive component is $422K$ hotter than the more massive one. We conclude that astrobj{GSC 03122-02426} is a W-subtype shallow contact (with a contact degree of $f = 15.3,%$) binary system. It may be a newly formed contact binary system which is just under geometrical contact and will evolve to be a thermal contact binary system. The high orbital inclination ($i = 81.6^{circ}$) implies that astrobj{GSC 03122-02426} is a total eclipsing binary system and the photometric parameters obtained by us are quite reliable. We also estimate the absolute physical parameters of the two components in astrobj{GSC 03122-02426}, which will provide fundamental information for the research of contact binary systems. The formation and evolutionary scenario of astrobj{GSC 03122-02426} is discussed.
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