We present the rst period variation study for the Algol eclipsing binary V346 Cyg by constructing the (O-C) residual diagram using all the available precise minima times. We conclude that the period variation can be explained by a sine-like variation due to the presence of a third body orbiting the binary in about $68.89{pm}4.69$ years, together with a long-term orbital period decrease ($dP/dt=-1.23{ imes}10^{-7}day/yr$) that can be interpreted to be due to slow mass loss from the ${delta}$-Scuti primary component. The sinusoidal variation may also be explained by using the the Applegate (1992) mechanism involving cyclic magnetic activity due to star-spots on the secondary component. The present preliminary solution needs more precise photometric observations to be confirmed.