New BVRCIC light curves of the short period binary system, HV Aqr, are presented. Photometric solutions were derived using the 2015 version of Wilson-Devinney code. The characteristics of complete eclipses showing in the light curves enable us to determine high-precision photometric parameters of the binary system. We have derived q = 0.159 from our observations and q = 0.149 from the TESS data. The degree of contact is f = 56.21% and f = 49.58% from our observations and TESS data, respectively. Based on all available times of light minimum, we analyzed the long-term period changes. A decrease rate of dP/dt = -1.29x10-7 days/yr was determined. The continuous period decrease can be explained by mass transfer from the primary component to the secondary and angular momentum loss via magnetic braking. A conservative mass transfer rate of 2.17 x 10-8 M AE yr-1 was derived. As the orbital period decreases, its contact of degree will become deeper and it will evolve into a single rapid-rotating star finally.