We present a multi-wavelength study of the radio-loud narrow line Seyfert 1 galaxy (NLSy1), 1H 0323+342, detected by Fermi Gamma Ray Space Telescope. Multi-band light curves showmany orphan X-ray and optical flares having no corresponding  γ-ray counterparts. Such anomalous variability behavior can be due to different locations of the emission region from the central source. During a large flare,  γ-ray flux doubling time scale as small as~3 hours is noticed. We built spectral energy distribution (SED) during different activity states and modeled them using an one-zone leptonic model. The shape of the optical/UV component of the SEDs is dominated by accretion disk emission in all the activity states. In the X-ray band, significant thermal emission from the hot corona is inferred during quiescent and first flaring states, however, during subsequent flares, non-thermal jet component dominates. The  γ-ray emission in all the states can be well explained by inverse-Compton scattering of accretion disk photons reprocessed by the broad line region. The source showed violent intra-night optical variability, coinciding with one of the high  γ-ray activity states. An analysis of the overall X-ray spectrum fitted with an absorbed power-law plus relativistic reflection component hints for the presence of Fe K-α line and returns a high black hole spin value of α=0.96 ± 0.14. We argue that 1H 0323+342 possesses dual characteristics, akin to flat spectrum radio quasars (FSRQs) as well as radio-quiet NLSy1s, though at a low jet power regime compared to powerful FSRQs.