Hoag's Object is a peculiar ring galaxy with a central elliptical core. New observations from Hubble Space Telescope and Russian 6-m telescope provide additional data on its structure and kinematics. The data show Hoag's Object has an old stellar core surrounded by a luminous quasi-spiral pattern and massive HI disk. Previous formation scenarios are reviewed in light of the new data. A new scenario is proposed where the elliptical core formed early in the Universe and the HI disk later formed by cold accretion of primordial gas.