New photoelectric observations of the interacting binary V367 Cyg were made during two consecutive seasons, 1996 and 1997, using the two-channel photometer at Mt. Suhora Observatory. The BVRI light curves are analyzed and system parameters are derived for two alternative models: with and without an accretion disk. A contact configuration is obtained for the no-disk model. The semidetached model, with a disk around the invisible component gives a better fit and, in addition, explains most of the observed features of V367 Cyg. The disk in V367 Cyg has a radius of about $R_{\rm d}=23 R_{\odot}$, almost completely filling the secondary component's Roche lobe. Mass is transferred from the less massive ($3.3 M_{\odot}$) to the more massive ($4.0 M_{\odot}$) star at a high rate of 5-7 10-5} M_{\odot/yr.