S5 0716+714 is a typical BL Lacertae object. In this paper we present the analysis and results of long-term simultaneous observations in the radio, near-infrared, optical, X-ray, and γ -ray bands, together with our own photometric observations for this source. The light curves show that the variability amplitudes in γ -ray and optical bands are larger than those in the hard X-ray and radio bands and that the spectral energy distribution (SED) peaks move to shorter wavelengths when the source becomes brighter, which is similar to other blazars, i.e., more variable at wavelengths shorter than the SED peak frequencies. Analysis shows that the characteristic variability timescales in the 14.5 GHz, the optical, the X-ray, and the γ -ray bands are comparable to each other. The variations of the hard X-ray and 14.5 GHz emissions are correlated with zero lag, and so are the V band and γ -ray variations, which are consistent with the leptonic models. Coincidences of γ -ray and optical flares with a dramatic change of the optical polarization are detected. Hadronic models do not have the same natural explanation for these observations as the leptonic models. A strong optical flare correlating a γ -ray flare whose peak flux is lower than the average flux is detected. The leptonic model can explain this variability phenomenon through simultaneous SED modeling. Different leptonic models are distinguished by average SED modeling. The synchrotron plus synchrotron selfCompton (SSC) model is ruled out because of the extreme input parameters. Scattering of external seed photons, such as the hot-dust or broad-line region emission, and the SSC process are probably both needed to explain the γ -ray emission of S5 0716+714.

S5 0716+714 is a typical BL Lacertae object. In this paper we present the analysis and results of long term simultaneous observations in the radio, nearinfrared, optical, X-ray and γ-ray bands, together with our own photometric observations for this source. The light curves show that the variability amplitudes in γ-ray and optical bands are larger than those in the hard X-ray and radio bands and that the spectral energy distribution (SED) peaks move to shorter wavelengths when the source becomes brighter, which are similar to other blazars, i.e., more variable at wavelengths shorter than the SED peak frequencies. Analysis shows that the characteristic variability timescales in the 14.5 GHz, the optical, the X-ray, and the γ-ray bands are comparable to each other. The variations of the hard X-ray and 14.5 GHz emissions are correlated with zero-lag, so are the V band and γ-ray variations, which are consistent with the leptonic models. Coincidences of γ-ray and optical flares with a dramatic change of the optical polarization are detected. Hadronic models do not have the same nature explanation for these observations as the leptonic models. A strong optical flare correlating a γ-ray flare whose peak flux is lower than the average flux is detected. Leptonic model can explain this variability phenomenon through simultaneous SED modeling. Different leptonic models are distinguished by average SED modeling. The synchrotron plus synchrotron self-Compton (SSC) model is ruled out due to the extreme input parameters. Scattering of external seed photons, such as the hot dust or broad line region emission, and the SSC process are probably both needed to explain the γ-ray emission of S5 0716+714.