NGC7129 is a bright reflection nebula located in the molecular cloud complex near l=105.4{deg}, b=+9.9{deg}, about 1.15kpc distant. Embedded within the reflection nebula is a young cluster dominated by a compact grouping of four early-type stars: BD+65{deg}1638 (B3V), BD+65{deg}1637 (B3e), SVS 13 (B5e), and LkH{alpha} 234 (B8e). About 80 H{alpha} emission sources brighter than V~23 are identified in the region, many of which are presumably T Tauri star members of the cluster. We also present deep (V~23), optical (VR_C_I_C_) photometry of a field centered on the reflection nebula and spectral types for more than 130 sources determined from low dispersion, optical spectroscopy. The narrow pre-main sequence evident in the color-magnitude diagram suggests that star formation was rapid and coeval. A median age of about 1.8Myr is inferred for the H{alpha} and literature-identified X-ray emission sources having established spectral types, using pre-main sequence evolutionary models. Our interpretation of the structure of the molecular cloud and the distribution of young stellar objects is that BD+65{deg}1638 is primarily responsible for evacuating the blister-like cavity within the molecular cloud. LkH{alpha} 234 and several embedded sources evident in near-infrared adaptive optics imaging have formed recently within the ridge of compressed molecular gas. The compact cluster of low-mass stars formed concurrently with the early-type members, concentrated within a central radius of ~0.7pc. Star formation is simultaneously occurring in a semi-circular arc some ~3pc in radius that outlines remaining dense regions of molecular gas. High dispersion, optical spectra are presented for BD+65{deg}1638, BD+65{deg}1637, SVS 13, LkH{alpha} 234, and V350 Cep. These spectra are discussed in the context of the circumstellar environments inferred for these stars.