The B V R _ { c } I _ { c } bands light curves of the newly discovered binary system 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 422 K hotter than the more massive one .
We conclude that 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 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 GSC 03122-02426 , which will provide fundamental information for the research of contact binary systems .
The formation and evolutionary scenario of GSC 03122-02426 is discussed .