The photometric light curves of the W-type W UMa eclipsing contact binary system BB Pegasi have been found to be extremely asymmetric over all the observed 63 years in all wavelengths UBVR. The light curves have been characterized by occultation primary minima. Hence, the morphology of these light curves has been studied in view of these different asymmetric degrees. The system shows a distinct O'Connell effect, as well as depth variation. A 22.96 years of stellar dark spots cycle has been determined for the system. Almost the same cycle (22.78 yr) has been found for the depth variation of MinI and MinII. We also present an analysis of mid-eclipse time measurements of BB Peg. The analysis indicates a period decrement of 5.62X 10-8 day/yr, which can be interpreted in terms of mass transfer at a rate of -4.38 X 10-8M⊙/yr, from the more to the less massive component. The O - C diagram shows a damping sine wave covering two different cycles of 17.0 yr and 12.87 yr with amplitudes equal to 0.0071 and 0.0013 day, respectively. These unequal durations show a non-periodicity which may be explained as a result of magnetic activity cycling variations due to star spots. The obtained characteristics are consistent with similar chromospherically active stars, when applying the Applegate's (1992) mechanism.