We present analyses of archival X-ray data obtained from the XMM-Newton satellite and optical (photometric + polarimetric) data obtained from 1.04-m Sampurnanand Telescope at Manora Peak, Nainital and 1.3-m Devasthal Fast Optical Telescope (DFOT) located at the Devasthal, both operated by Aryabhatta Research Institute of Observational Sciences (ARIES) for the candidate magnetic CV Paloma. From the X-ray data, we report two persistent periods at 156 ± 6 min and 130 ± 4 min, which we interpreted as the orbital and spin periods which are strongly indicated in the power spectrum of the time series. These periods are similar to those obtained from the optical data. The averaged X-ray spectral data obtained with EPIC-PN and MOS detectors are well fitted by a two apec component with temperatures of 0.093 +/-0.011 and 12.57 +/- 0.55 keV with an Fe Kα line and an absorbing column density of 6.1 × 10 22 cm -2 . This material partially cover 64 ± 1 % of the X-ray source. We also present the orbital and spin phase-resolved spectroscopy of Paloma in 0.3 − 10.0 keV energy range and found that X-ray spectral parameters show orbital and spin phase dependences. Details of the results are presented and discussed. These results show that Paloma belongs to a class of a few magnetic CVs that have same characteristics of both the polars and intermediate polars.