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High-resolution CCD spectra of the red region of the dusty K5 V star HD 98800, which may contain a protoplanetary disk, have been obtained at Kitt Peak National Observatory. The spectra verify the dwarf spectral type and show rotationally broadened photospheric lines, Hα emission, and a very strong Li Ι λ6707 absorption line, all of which confirm the star as a very young object. The overall spectrum of HD 98800 closely resembles that of the young, chromospherically active, single BY Dra star HD 82558 (=LQ Hya). The measured Li Ι equivalent width of 0.39 Å implies an abundance log N(Li) = 2.2 and suggests an age <10 Myr. HD 98800 should be photometrically variable with a probable rotation period of 5-10 days. The high level of chromospheric activity suggests HD 98800 may be detectable as an X-ray and radio source.