It was discovered by George Alcock who observed it from the back garden of his home in Farcet, England, on the morning of 15 April 1968.

[7] It is classified as a "fast nova", meaning its brightness declined by more than 3 magnitudes in less than 100 days.

[3] A small emission nebula (shell), a few arc seconds in diameter, has been detected surrounding this nova.

However, there are several field stars overlapping the nebula, which makes deriving quantitative information from shell images difficult.

LV Vulpeculae has a carbon-oxygen[9] white dwarf component with an estimated mass of 1.1 M☉ and it is receiving 2×10−9 M☉ per year of material from the donor star.