We report extensive differential V-band photometry and high-resolution spectroscopic observations of the early F-type, 1.06-day detached eclipsing binary V506 Oph. The observations, along with times of minimum light from the literature, are used to derive a very precise ephemeris and the physical properties for the components, with the absolute masses and radii being determined to 0.7% or better. The masses are 1.4153+/-0.0100M_{sun}_ and 1.4023+/-0.0094M_{sun}_ for the primary and secondary, the radii are 1.725+/-0.010R_{sun}_ and 1.692+/-0.012R_{sun}_, and the effective temperatures are 6840+/-150K and 6780+/-110K, respectively. The orbit is circular and the stars are rotating synchronously. The accuracy of the radii and temperatures is supported by the resulting distance estimate of 564+/-30pc, which is in excellent agreement with the value implied by the trigonometric parallax listed in the Gaia/Data Release 2 catalog. Current stellar evolution models from the Modules for Experiments in Stellar Astrophysics (MESA) Isochrones and Stellar Tracks series for a composition of [Fe/H]=-0.04 match the properties of both stars in V506 Oph very well at an age of 1.83Gyr and indicate they are halfway through their core hydrogen-burning phase.