New multi-colour UBVR light curves of the eclipsing binary KR Cyg were obtained in 2005. Photometric solutions were derived using the Wilson-Devinney method. The result shows that KR Cyg is a near-contact binary system with a large effective temperature difference between the components, approximately 5230 K. All the times of minimum light were collected and combined with our observations obtained in 2010 and 2011. Analysing all the times of mid-eclipse, we found for the first time a possible periodic oscillation with an amplitude of 0.001 days and a period of similar to 76 years. The periodic oscillation could be explained by the light-time effect due to a presumed third component. (C) 2011 Elsevier B.V. All rights reserved.