The UBV photometry of the short period binary FM Vel is analysed by means of the method of Wilson and Devinney. As the spectral type (F8) of the system represents the limit between the A and W sub-classes of contact binaries, both configurations are investigated. The results show that FM Vel has the typical features of the W type of W UMa system. The photometric value of the mass ratio is estimated around 2.0±0.2 and a degree of over-contact of about 16% is found. Both components are thermally coupled.