In this study, two eclipsing binary systems: the classical short-period Algol-type binary TV Cas (V1) and the totally eclipsing contact binary TYC 5532-1333-1 (V2) are revisited to derive new photometric solutions using TESS observations. The best fitting theoretical curves are generated for both binaries, however, for V1, a hot-spot model provides a significantly improved fit, indicating the presence of a mass transfer-driven hotspot on the primary component. Updated (O – C) diagrams along with the best fits are presented for both the binaries using all available times of minima with new measurements, supplemented and extracted from TESS data. The derived period variation rates suggest mass transfer within both the systems. The resulting residuals display quasi-periodic oscillations with modulation periods of ∼63 yr for V1 and ∼20 yr for V2, suggesting the presence and influence of a third body. V1 is found to be an evolved semi-detached system currently in a secular orbital contraction phase (dP/dt = −1.57 × 10−7 day yr−1). Whereas, V2 is characterized as an overcontact system caught in the orbital expansion phase driven by the thermal relaxation oscillation cycle (dP/dt = 3.13 × 10−7 day yr−1). To complement the photometry, the spectral analysis of low-resolution spectra were obtained at the Vainu Bappu Observatory using the 2.3 m Vainu Bappu Telescope. Spectral analysis of the data was carried out to diagnose the chromospheric environments of the later-type components in both the systems. Further, the relationship between the systems’ relative angular momentum and their observed period variations is discussed in the context of their evolutionary states, and the possible presence of a third body.