New photoelectric UBVRI observations of the eclipsing variable V1016 Ori have been obtained with the AZT-11 telescope at Crimean Astrophysical Observatory and with the Zeiss-600 telescope at Mount Maidanak Observatory. Light curves are constructed from the new observations and from published and archival data. We use a total of 340, 348, 386, 185, and 62 magnitude estimates in the bands from U to I , respectively An analysis of these data has yielded the following results. The photometric elements were refined; their new values are Min I = JDH 2441966.820 + 65(d).4331E. The UBVRI magnitudes outside eclipse were found to be 5.(m)95, 6.(m)77, 6.(m)75, 6.(m)68, and 6.(m)16, respectively. No phase effect was detected. We obtained two light-curve solutions: (1) assuming that the giant star was in front of the small one during eclipse, we determined the stellar radii, r(s) = 0.0141 and r(g) = 0.0228 (in fractions of the semimajor axis of the orbit); and (2) assuming that the small star was in front of the giant one, we derived r(g) = 0.0186 and r(s)= 0.0180 for the V band. The brightness of the primary star in the bands from U to I is L-1 = 0.96, 0.92, 0.90, 0.89, and 0.88, the orbital inclination is i = 87.degrees 1, and the maximum eclipse phase is alpha(0) = 0.66. In both cases, we accepted the U hypothesis, assumed the orbit to be elliptical, and took into account the flux from the star Theta(1) Ori E that fell within the photometer aperture. The first solution leads to a discrepancy between the primary radius determined by solving the light curve and the radial-velocity curve and its value estimated from the luminosity and temperature. This discrepancy is eliminated in the second solution, and it turns out that, by all parameters, the primary corresponds to a normal zero-age main-sequence star. (C) 2000 MAIK "Nauka/Interperiodica".