It is difficult to distinguish the pure signal produced by an orbiting planetary companion around giant stars from other possible sources, such as stellar spots, pulsations, or certain activities. Since 2003, we have obtained radial (RV) data from evolved stars using the high-resolution, fiber-fed Bohyunsan Observatory Echelle Spectrograph (BOES) at the Bohyunsan Optical Astronomy Observatory (BOAO). Here, we report the results of RV variations in the binary star HD 135438. We found two significant periods: 494.98 d with eccentricity of 0.23 and 8494.1 d with eccentricity of 0.83. Considering orbital stability, it is impossible to have two companions in such close orbits with high eccentricity. To determine the nature of the changes in the RV variability, we analyzed indicators of stellar spot and stellar chromospheric activity to find that there are no signals related to the significant period of 494.98 d. However, we calculated the upper limits of rotation period of the rotational velocity and found this to be 478–536 d. One possible interpretation is that this may be closely related to the rotational modulation of an orbital inclination at 67–90 degrees. The other signal corresponding to the period of 8494.1 d is probably associated with a stellar companion orbiting the giant star. A Markov Chain Monte Carlo (MCMC) simulation considering a single companion indicates that HD 135438 system hosts a stellar companion with 0.57+0.017 −0.017 M⊙ with an orbital period of 8498 d.