V502 Her is a neglected EW-type binary, which has been known for more than 60 years. The first multi-color CCD photometric light curve and spectroscopic observations of contact binary V502 Her was obtained. Based on the LAMOST data, its spectrum can be found to be F5. Together with solutions of light curves by using the Wilson-Devinney code, it infers that V502 Her is an A-type W UMa contact binary system with the mass ratio of q = 0.313 and the filling factor of f = 38.1%. According to all minimum times from the literature and our observations, the orbital period was analyzed and a long-term increase with a periodic change (P-3 = 26.8 years) was computed. The orbital period increase may be caused by the mass transfer from a less-massive component to the more massive one, which indicates that V502 Her is in the thermal relaxation oscillation (TRO) controller stage, while the light-travel time effect (LTTE) through the presence of a cool third body may lead to the periodic variation.