Spectrographic and limited photometric observations of AW Pegasi are discussed. The primary eclipse is shown to be partial instead of total, as hitherto believed. With the aid of narrow-band interferencefilter photometry the components are classified as an A3-5 main sequence (or slightly above main sequence) and an F5 IV subgiant. The spectrograms (10 A/mm blue, 20 A/mm red) were reduced for radial velocities. The orbit of the F component can be fitted with circular elements, but the velocity-curve of the A star proved to be anomalous. The anomalies in the A star's velocity-curve can be attributed to the influence of a gaseous ring surrounding the A star, as evidenced by emission at Ha and variations in the K-line profile. The masses of the stars were found be to MA = 2.00 and Mi = 0.320.