CCD photometric light curves in the B and V bands obtained in 2001 and in the V band obtained in 2002 of AH Cnc in the old open cluster M67 are presented. It is shown that AH Cnc is a total-eclipsing binary and its light curves correspond to a typical A type according to Binnendijk's classification. The variations of the light curve around the primary minimum and second maximum were found. Our nine epochs of light minimum monitored from 2001 to 2005, including others collected from the literature, were used to create the first study of the period changes of the binary system. A cyclic oscillation with a period of 36.5 yr and an amplitude of 0.0237 days was discovered to be superposed on a continuous period increase (dP/dt = 3: 99; 10(-7) days yr(-1)). Weak evidence indicates that there exists another small-amplitude period oscillation (A(4) = 0: 0035 days, P-4 = 7.75 yr). The symmetric light curves in the B and V bands obtained in 2001 were analyzed with the 2003 version of the Wilson-Devinney code. It is confirmed that AH Cnc is a deep overcontact binary system with a high degree of overcontact f = 58.5%+/- 4.5% and a low mass ratio of q = 0.1682 +/- 0.0012. The existence of the third light and the cyclic period oscillation both may suggest that AH Cnc is a triple system containing an unseen third body. The tertiary component may have played an important role in the origin of the overcontact binary star by removing angular momentum from the central system, which would cause it to have a short initial orbital period and thus evolve into an overcontact configuration by angular momentum loss. The long-term period increase can be interpreted as a mass transfer from the less massive component to the more massive one. As the orbital period increases, the decrease of the mass ratio will cause it finally to evolve into a single rapid-rotating star when the system meets the more familiar criterion that the orbital angular momentum be less than 3 times the total spin angular momentum. Therefore, AH Cnc may be a progenitor of the blue straggler stars in M67.