We report on a detailed spectroscopic and photometric study of V1046 Orionis undertaken to resolve uncertainties about the period(s) and causes of the spectroscopic and photometric variations of this helium-strong star. We have detected the lines of the secondary star in an extensive series of photographic and electronic spectra. This eliminates any doubt about the duplicity of this star. The orbital elements we derive from our measures of these spectra confirm the unusually large orbital eccentricity, e=0.433, for the short, P=18.65612d, orbital period. The line profiles, V/R ratio of the double H{alpha} emission, residuals of the primary radial velocities from the orbital velocity curve, brightness and colour of the object, magnetic field, and radio emission of this system all vary with a period of 0.9011836d. We tentatively follow earlier investigators in interpreting this as the rotational period of the primary and summarize the evidence of the phase shifts among the different phenomena, using the accurate value of the 0.9d period, to put tight constraints on any future model of these changes. We postpone our own attempt at a quantitative modelling of the variations with the 0.9d period for a separate study.