We present XMM-Newton observations of the radio galaxy 3C 120. Contemporaneous radio, millimeter-wave, and optical data provide additional constraints on the spectral energy distribution and physical state of the active galactic nucleus. The hard X-ray spectrum contains a marginally resolved Fe I Kα emission line with FWHM = 9000 × 3000 km s-1 and an equivalent width of 57 ± 7 eV. The line arises via fluorescence in a broad-line region with covering fraction of 0.4. There is no evidence of relativistically broad Fe Kα, contrary to some previous reports. An excess of 0.3-2 keV soft X-ray continuum over an extrapolation of the hard X-ray power law may arise in a disk corona. A break in the X-ray spectrum below 0.6 keV indicates an excess neutral hydrogen column density of NE = (1.0-1.6) × 1021 cm-2. However, the neutral absorber must have an oxygen abundance of <1/40 of the solar value to explain the absence of an intrinsic or intervening O I edge. There is no ionized absorption in the soft X-ray spectrum, and we do not detect previously claimed 0 VIII absorption from the intervening intergalactic medium. Radio observations at 37 GHz show a fast, high-frequency flare beginning near the time of the XMM-Newton observation, which has no obvious effect on the X-ray spectrum. The X-ray spectrum, including the soft excess, became harder as the X-ray flux decreased, with an estimated pivot energy of 40 keV. The UVand soft X-ray fluxes are strongly correlated over the 120 ks duration of the XMM-Newton observation. This is qualitatively consistent with Comptonization of UV photons by a hot corona.