The extraordinarily active, short-period eclipsing binary ER Vulpeculae has been observed from 1981 to 1986. During this time interval 22 light curves in Johnson's B and V filters were obtained. The 16 light curves, which are almost complete, have been analyzed separately by means of WINK-10 code. The light curves include proximity effects, wave-like distortions, mutual eclipses, and short-term light fluctuations. A new approach for subtraction of the wave-like distortions from the observed light curves has been applied. The solutions of the cleaned light curves yield fairly different geometric elements due to the distortions of the very shallow eclipses by the short-term light fluctuations. The physical characteristics of the components are nearly identical to the Sun except that the stars rotate over 40 times faster. The results obtained in this study clearly indicate that both of the components lie between the boundaries of zero- and terminal-age main sequence.