We report on a medium deep XMM-Newton survey of the Marano Field and optical follow-up observations. The mosaicked XMM-Newton pointings in this optical quasar survey field cover 0.6 square degree with a total of 120 ksec good observation time. We detected 328 X-ray sources in total. The turnover flux of our sample is f~5x10^(-15) erg/cm^2/s in the 0.2-10 keV band. With VLT FORS1 and FORS2 spectroscopy we classified 96 new X-ray counterparts. The central 0.28 square degree, where detailed optical follow-up observations were performed, contain 170 X-ray sources (detection likelihood ML>10), out of which 48 had already been detected by ROSAT. In this region we recover 23 out of 29 optically selected quasars. With a total of 110 classifications in our core sample we reach a completeness of ~65%. About one third of the XMM-Newton sources is classified as type II AGN with redshifts mostly below 1.0. Furthermore, we detect five high redshift type II AGN (2.2<z<2.8). The optical and X-ray colors of the core sample indicate that most of the still unidentified X-ray sources are likely to be type II AGN. We calculate absorbing column densities and show that the ratio of absorbed to unabsorbed objects is significantly higher for type II AGN than for type I AGN. Nevertheless, we find a few unabsorbed type II AGN. The X-ray hardness ratios of some high redshift type I AGN also give an indication of heavy absorption. However, none of these type I objects is bright enough for spectral extraction and detailed model fitting. Furthermore, we classified three X-ray bright optically normal galaxies (XBONGs) as counterparts. They show properties similar to type II AGN, probably harbouring an active nucleus. Comment: the full paper including the online material can be downloaded under http://www.aip.de/People/mkrumpe/pages_eng/Ver%F6ffentlichungen.html, accepted for publication in A&A