We report the detection of orbital modulation, a model solution, and the X-ray properties of a newly discovered contact binary, Two Micron All Sky Survey (2MASS) J11201034-2201340. We serendipitously found this X-ray point source outside the error ellipse when searching for possible X-ray counterparts of γ-ray millisecond pulsars among the unidentified objects detected by the Fermi Gamma-ray Space Telescope. The optical counterpart of the X-ray source (unrelated to the γ-ray source) was then identified using archival databases. The long-term Catalina Real-Time Transient Survey detected a precise signal with a period of days. A follow-up observation made by the Super Light Telescope of Lulin Observatory revealed the binary nature of the object. Utilizing archived photometric data of multi-band surveys, we construct the spectral energy distribution (SED), which is well fit by a K2V spectral template. The fitting result of the orbital profile using the Wilson-Devinney code suggests that 2MASS J11201034-2201340 is a short-period A-type contact binary and the more massive component has a cool spot. The X-ray emission was first noted in observations made by Swift, and then further confirmed and characterized by an XMM-Newton observation. The X-ray spectrum can be described by a power law or thermal Bremsstrahlung. Unfortunately, we could not observe significant X-ray orbital modulation. Finally, according to the SED, this system is estimated to be 690 pc from Earth with a calculated X-ray intensity of erg s-1, which is in the expected range of an X-ray emitting contact binary.