We report here on the identification and study of the optical counterpart o
f the ROSAT source RX J0704.2+6203. Extensive spectral and photometric obse
rvation showed that the object belongs to the class of magnetic Cataclysmic
Variables. We determined the orbital period of the system to be 97.(m)27 a
nd estimated the strength of its magnetic field to be on the order of 20 MG
. The system was observed in both high and low states, common for its class
. Other parameters of the magnetic close binary system were estimated. The
spectral and photometric behavior of the object is similar to that of the w
ell studied polar BL Hyi.