A detailed analysis of X-ray data from ROSAT, ASCA, XMM and RXTE for the asynchronous polar V1432 Aql along with Stokes polarimetry data from SAAO, is presented. Power spectra from long-baseline ROSAT data show a spin period of 12150s along with several system related frequency components. However, the second harmonic of the spin period dominates power spectrum in the XMM data. For the optical circular polarization, the dominant period corresponds to half the spin period. The ROSAT data can be explained as due to accretion onto two hot spots that are not anti-podal. The variations seen in the optical polarization and the ASCA and XMM data suggest the presence of at least three accretion foot prints on the white dwarf surface. Two spectral models, a multi-temperature plasma and a photo-ionized plasma model, are used for spectral study. The RXTE PCA data are used to constrain the white dwarf mass to 1.2$pm$0.1 M_odot using the multi-temperature plasma model. A strong soft X-ray excess (<0.8 keV) in the XMM MOS data is well modeled by a blackbody component having a temperature of 80-90 eV. The plasma emission lines seen at 6.7 and 7.0 keV are well fitted using the multi-temperature plasma model, however an additional Gaussian is needed for the 6.4 keV line. The multi-temperature plasma model requires a homogeneous absorber fully covering the source and a partial absorber covering 65% of the source. The photo-ionized plasma model, with a range of Fe column densities, gives a slightly better overall fit and fits all emission lines. The presence of a strong blackbody component, a spin period of 12150s, modulation of the 6.4 keV line flux with spin period, and a very hard X-ray component suggest that V1432 Aql is a polar with X-ray spectral properties similar to that of a soft intermediate polar.
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