We present data showing that the recently discovered quasar ULASJ081621.49+213442.65 at z=7.461 is a gravitationally lensed quasar, the first strongly lensed quasar at z>7 and only the second lensed quasar known during the epoch of reionization. ULASJ081621.49+213442.65 is multiplied by a faint galaxy at z≥0.5 into four images A1, A2, B, and C with a total magnification factor of ~15. The quasar images were resolved in the deep Y-, J-, H-, and K-band stacks obtained using the 3.8-m UKIRT telescope between 2021 and 2023. The two quasar images, A1 and C, have also been detected by the UKIDSS LAS survey in 2008, when these images increased their brightness due to a high-amplitude quasar flare of ΔmJ~3 mag. The observed positions and relative fluxes of the lensed images are well reproduced by the lens model of a singular isothermal sphere with an external shear component. The intrinsic absolute magnitude of ULASJ081621.49+213442.65 corrected for the lensing magnification factor is M1450 ~ -23 mag, which places this quasar at the faint end of the quasar luminosity function. The magnification-corrected black hole mass and Eddington accretion rate are MBH=(1.72±0.18)×108Msun and Lbol/LEdd=0.22±0.03. During the high-amplitude quasar flare in 2008, the wavelength-dependent time lag between the quasar brightness variations in the Y and J bands was a few times longer than usually measured, suggesting that the increase in the ionizing flux may have also led to the increase in the size of the UV/optical continuum emitting region of ULASJ081621.49+213442.65.