Context. The paper is comprised of optical identification and multiwavelength studies of a new X-ray source discovered by the Spectrum Roentgen-Gamma (SRG) observatory during the ART-XC survey and its follow-up optical and X-ray observations. Aims. We aim to identify SRGA J213151.5+491400 in the optical wavelengths. We determine spectra and light curves in the optical high and low states to find periodicities in the light curves and resolve emission lines in the system using optical ground-based data. We intend to study the spectral and temporal X-ray characteristics of the new source using the SRG surveys in the high and low states and NICER data in the low state. Methods. We present optical data from telescopes in Türkiye (RTT-150 and T100 at the TÜBİTAK National Observatory) and in Russia (6-m and 1-m at SAO RAS), together with the X-ray data obtained with ART-XC and eROSITA telescopes aboard SRG and the NICER observatory. Using the optical data, we performed astrometry, photometry, spectroscopy, and power spectral analysis of the optical time series. We present optical Doppler tomography along with X-ray data analysis producing light curves and spectra. Results. We detected SRGA J213151.5+491400 in a high state in 2020 (17.9 mag) that decreased by about 3 mag into a low state (21 mag) in 2021. We find only one significant period using optical photometric time series analysis, which reveals the white dwarf spin (orbital) period to be 0.059710(1) days (85.982 min). The long slit spectroscopy in the high state yields a power-law continuum increasing towards the blue with a prominent HeII line along with the Balmer line emissions with no cyclotron humps, which is consistent with a magnetic cataclysmic variable (MCV) nature. Doppler Tomography confirms the polar nature revealing ballistic stream accretion along with magnetic stream during the high state. These characteristics show that the new source is a polar-type MCV source. ART-XC detections yield an X-ray flux of (4.0-7.0) × 10-12 erg s-1 cm-2 in the high state. eROSITA detects a dominating hot plasma component (kTmax > 21 keV in the high state) declining to (4.0-6.0) × 10-13 erg s-1 cm-2 in 2021 (low state). The NICER data obtained in the low state reveal a two-pole accretor showing a soft X-ray component at (6-7)σ significance with a blackbody temperature of 15-18 eV. A soft X-ray component has never been detected for a polar in the low state before.