GSC 05586-00371 is a fast-rotating (Prot ≈ 0.44 days) eclipsing binary. Our study showed that this star system is an overcontact eclipsing binary star that belongs to the W UMa class with characteristics of RS CVn type stars. We studied this binary system by photometric means through the V and I bandpass where data by the ASAS-SN survey have also been utilized. our photometry yielded a more precise orbital period that was obtained on its discovery. ASAS-SN data over a 6-year period revealed a long-term photometric wave that is attributed to star spot activity. We monitored the binary system over a 73-hour monitoring period to detect any possible flares from the system, where two consecutive events were monitored from one of our observing stations. Through the use of the Wilson-Devinney program as applied by Binary Maker 3.0, we have obtained a model for this binary system that reveals the presence of star spots on both components. Our results show that the star spot activity is rather dynamic where their influence on the system’s light output changed on seasonal timescales.