Markarian 50 is analyzed using V and I CCD frames and IPCS and CCD spectra, obtained in June 1985, covering the range 3200-10,000 A. It is inferred from the surface brightness profiles derived from the images that this is an early-type, elliptical, or S0 galaxy, which is supported by the spectral analysis of the stellar population. After subtraction of the stellar population, the emission properties of the Seyfert 1 nucleus are studied. In the low state, a strong broad H-alpha with an FWHM of 4500 km/s is detected, whereas H-beta is stronger than O III 5007 by a factor of about 2 (in flux). The stellar population fractions in the high-state continuum are 48 percent at 3800 A, 71 percent at 5000 A, and 82 percent at 8900 A. Permitted Fe emission has similar intensities in the high and low states, showing that its formation zone does not coincide with that of the broad H I and He I lines, i.e., it is farther than five light-years from the central source.