New BVR CCD photometric observations of EB type close binary V388 Cyg were obtained at the Sobaeksan Astronomy Observatory during 10 nights from October to December 1995. We analyse new 3 color (B, V & R) light curves simultaneously using the Wilson-Devinney code. Now, it is not yet clear whether V388 Cyg is contact or semidetached system. Published epochs of times of minima to data were used to study the changes in period of the system, and calculated a new light elements with the secular terms, $-4.83{ imes}10^{-10}$, which indicated the continuous decrease of the period.