MV Lyrae is found to have a period of 0.1336 days from radial velocity variations. While in the low state the spectrum exhibits sharp, strong Balmer emission and sharp, weak He I emission. The radial velocity amplitude of the Balmer lines is 44 km/s; the He I lines have a lower amplitude of 16 km/s. Broad, shallow Balmer absorption and He II 4686 A absorption are also seen. Infrared observations show TiO bands and the Na I 8183-8194 A lines; these features arise from an M5V red dwarf in the system. The infrared spectrum combined with four-color photometry yields a distance estimate of 320 pc to MV Lyr.