We report an 11-year long series of U BV RI observations and the results of our monitoring of the classical slow nova V723 Cas. We analyze the spectra of this star taken using the 6-m telescope of the Special Astrophysical Observatory of the Russian Academy of Sciences with a spectral resolution of 3.5 8.5 Å during the nebular stage and at the supersoft X-ray source phase (SSS). This systemhas a large orbital inclination and its orbital period is equal to 0.693265 days. The orbital period increases. We found low-amplitude light variations with the orbital period during the early stages of the outburst and even at the pre-maximum stage. The orbital light curve at the nebular stage is asymmetric and gradually increases its amplitude up to V=2 m in 2006. The asymmetry of the light curve of V723 Cas can be explained by the reflection effect, eclipse of the extended accretion disk, and high rate of mass transfer in the system. The light curve of V723 Cas has developed a plateau due to the SSS phase. In the spectrum of V723 Cas the transition to the SSS phase shows up in an order-of-magnitude increase of the flux of the [Fe X] λ 6374 Å emission, which forms in the expanding envelope. In addition, narrow emission lines λ 6466.4 Å (O V) and λ 6500.5 Å (Fe XVII) also emerged in the spectrum.