New multiband BVRI light curves of NSVS 1461538 were obtained as a byproduct during the photometric observations of our program star PV Cas for three years from 2011 to 2013. The light curves indicate characteristics of a typical W-subtype W UMa eclipsing system, displaying a flat bottom at primary eclipse and the O’Connell effect, rather than those of an Algol/ b Lyrae eclipsing variable classified by the northern sky variability survey (NSVS). A total of 35 times of minimum lights were determined from our observations (20 timings) and the SuperWASP measurements (15 ones). A period study with all the timings shows that the orbital period may vary in a sinusoidal manner with a period of about 5.6 yr and a small semiamplitude of about 0.008 day. The cyclical period variation can be interpreted as a light-time effect due to a tertiary body with a minimum mass of 0.71 M⊙. Simultaneous analysis of the multiband light curves using the 2003 version of the Wilson- Devinney binary model shows that NSVS 1461538 is a genuine W-subtype W UMa contact binary with the hotter primary component being less massive and the system shows a low mass ratio of q(mc/mh)=3.51, a high orbital inclination of 88.7°, a moderate fill-out factor of 30 %, and a temperature difference of ΔT=412 K. The O’Connell effect can be similarly explained by cool spots on either the hotter primary star or the cool secondary star. A small third-light corresponding to about 5 % and 2 % of the total systemic light in the B and V bandpasses, respectively, supports the third-body hypothesis proposed by the period study. Preliminary absolute dimensions of the system were derived and used to look into its evolutionary status with other W UMa binaries in the mass-radius and mass-luminosity diagrams. A possible evolution scenario of the system was also discussed in the context of the mass vs mass ratio diagram.