  The blazar OQ 334 displayed a {\gamma}-ray flare in 2018, after being in the
long quiescent {\gamma}-ray state since 2008. Subsequent to the flare, the
source was in a higher {\gamma}-ray flux state and again flared in 2020. We
present here the first spectral and timing analysis of the source at its
various flaring states. During the higher {\gamma}-ray state, we found four
major peaks identified as P1, P2, P3, and P4. From timing analysis, we found
the rise and decay time of the order of hours with the fastest variability time
of 9.01+/-0.78 hr. We found the highest {\gamma}-ray photon of 77 GeV during
P4, which suggests the location of the {\gamma}-ray emitting region at the
outer edge of the broad-line region or the inner edge of the torus. The
{\gamma}-ray spectral analysis of the source indicates that during P4, the
{\gamma}-ray spectrum clearly deviates from the power-law behavior. From
cross-correlation analysis of the {\gamma}-ray and radio lightcurves, we found
that the two emission regions are separated by about 11 pc. Our broadband
spectral energy distribution modeling of the source during quiescent and active
phases indicates that more electron and proton power are required to change the
source from low flux to high flux state. The Anderson-Darling test and
histogram fitting results suggest that the three days binned {\gamma}-ray
fluxes follow a lognormal distribution.
