We present spectroscopic and photometric study of V421 Peg. This eclipsing binary displays lines from both components that are well separated. This allowed us to classify the primary and secondary component as F(1 +/- 0.5) V and F(2 +/- 0.5) V, respectively. We use our radial velocity measurements together with Hipparcos and ASAS photometry and apply simultaneous analysis, which yields masses and radii of the primary and secondary components as M-1 = 1.594 +/- 0.029 M-circle dot, M-2 = 1.356 +/- 0.029 M-circle dot and R-1 = 1.584 +/- 0.028 R-circle dot, R-2 = 1.328 +/- 0.029 R-circle dot, respectively. Positions of the components in HR diagram suggest that the primary component is a gamma Doradus variable candidate. Spectroscopic and photometric properties of the system indicates reddening value of E(B-V) = 0(m).021 which puts the system to the distance of 158 +/- 4 pc. (C) 2015 Elsevier B.V. All rights reserved.