The first photometric, spectroscopic and period variation studies of neglected short-period eclipsing binary V2840 Cygni are presented. High mass ratio contact binaries (HMRCBs), especially those in the weak-contact configuration, are vital when probing the evolutionary models of contact binaries (CBs) using stellar parameters. The photometric solutions reveal the weak-contact nature of V2840 Cygni with a high mass ratio (∼1.36), motivating us to investigate the nature of such binaries. The period variation study of V2840 Cygni spanning 15 yr shows a secular period decrease at a rate of ∼5.5 × 10−7 day yr−1, indicating mass transfer between the components. The superimposed cyclic variation provides a basic understanding of the possible third body (P3 ∼ 8 yr, m3 ∼ 0.51 M⊙). Following the derived parameters, the evolution of the system is discussed based on the thermal relaxation oscillation (TRO) model. It is found that V2840 Cygni falls in a special category of HMRCBs, which validates TRO. To characterize the nature of HMRCBs, a catalog of 59 CBs with high mass ratios has been compiled along with their derived parameters from the literature. For all the HMRCBs in the study, a possible correlation between their contact configuration and observed period variations for relative log Jrel is discussed. The spectroscopic study of V2840 Cygni provides evidence of the presence of magnetic activity in the system and the existence of ongoing mass transfer which is additionally deduced from the period variation study. The LAMOST spectra of 17 HMRCBs are collected to interpret the stellar magnetic activity in such systems.

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