We present new photometric and spectroscopic observations for 2M 1533+3759 (= NSVS 07826147), the seventh eclipsing subdwarf B star + M dwarf (sdB+dM) binary ever found. It has an orbital period of 0.16177042 day, or ∼3.88 h, significantly longer than the 2.3-3.0 hour periods of the other known eclipsing sdB+dM systems. Spectroscopic analysis of the hot primary yields T eff = 29230 ± 125 K, log g = 5.58 ± 0.03 and log N(He)/N(H) = −2.37 ± 0.05. The sdB velocity amplitude is K 1 = 71.1 ± 1.0 km s −1 . The only detectable light contribution from the secondary is due to the surprisingly strong reflection effect, whose peak-to-peak BV RI amplitudes are 0.10, 0.13, 0.15, and 0.19 magnitudes, respectively. Light curve modeling produced several solutions corresponding to different values of the system mass ratio, q (M 2 /M 1 ), but only one is consistent with a core helium burning star, q = 0.301. The -2orbital inclination is 86.6 • . The sdB primary mass is M 1 = 0.376 ± 0.055 M ⊙ and its radius is R 1 = 0.166 ± 0.007 R ⊙ . 2M 1533+3759 joins PG 0911+456 (and possibly also HS 2333+3927) in having an unusually low mass for an sdB star. SdB stars with masses significantly lower than the canonical value of 0.48 M ⊙ , down to as low as 0.30 M ⊙ , were theoretically predicted by Han et al. (2002Han et al. ( , 2003, but observational evidence has only recently begun to confirm the existence of such stars. The existence of core helium burning stars with masses lower than 0.40-0.43 M ⊙ implies that at least some sdB progenitors have initial main sequence masses of 1.8-2.0 M ⊙ or more, i.e. they are at least main sequence A stars. The orbital separation in 2M 1533+3759 is a = 0.98 ± 0.04 R ⊙ . The secondary has M 2 = 0.113 ± 0.017 M ⊙ , R 2 = 0.152 ± 0.005 R ⊙ and T eff 2 = 3100 ± 600 K, consistent with a main sequence M5 star. If 2M 1533+3759 becomes a cataclysmic variable (CV), its orbital period will be 1.6 h, below the CV period gap.