Interactions between galaxies are very common. There are special kinds of interactions that produce systems called Polar Ring Galaxies (PRGs), composed by a lenticular, elliptical, or spiral host galaxy, surrounded by a ring of stars and gas, orbiting in an approximately polar plane. The present work aims to study AM2020-504, a PRG with an elliptical host galaxy, and a narrow and well defined ring, probably formed by accretion of material from a donor galaxy, collected by the host galaxy. Our observational study was based on BVRI broad band imagery as well as longslit spectroscopy in the wavelenght range 4100--8600\AA, performed at the 1.6m telescope at the Observat\'orio do Pico dos Dias (OPD), Brazil. We estimated a redshift of z= 0.01683, corresponding a heliocentric radial velocity of 5045 +/-23 km/s. The (B-R) color map shows that the ring is bluer than the host galaxy, indicating that the ring is a younger structure. Standard diagnostic diagrams were used to classify the main ionizing source of selected emission-line regions (nucleus, host galaxy and ring). It turns out that the ring regions are mainly ionized by massive stars while the nucleus presents AGN characteristics. Using two empirical methods, we found oxygen abundances for the HII regions located in the ring in the range 12+log(O/H)=8.3-8.8 dex, the presence of an oxygen gradient across the ring, and that AM2020-504 follows the metallicity-luminosity relation of spiral galaxies. These results support the accretion scenario for this object and rules out cold accretion as source for the HI gas in the polar ring.