We present the results of a spectroscopic, photometric and orbital period variation analysis of the detached eclipsing binary V482 Per. We derived the absolute parameters of the system (M1 = 1.51 M⊙, M2 = 1.29 M⊙, R1 = 2.39 R⊙, R2 = 1.45 R⊙, L1 = 10.15 L⊙, L2 = 3.01 L⊙) for the first time in literature, based on an analysis of our own photometric and spectroscopic observations. We confirm the nature of the variations observed in the system’s orbital period, suggested to be periodic by earlier works. A light time effect due to a physically bound, star-sized companion (M3 = 2.14 M⊙) on a highly eccentric (e = 0.83) orbit, seems to be the most likely cause. We argue that the companion can not be a single star but another binary instead. We calculated the evolutionary states of the system’s components, and we found that the primary is slightly evolving after the Main Sequence, while the less massive secondary lies well inside it.