New photoelectric UBVR observations of the early spectral type eclipsing variable V498 Cyg were carried out at the Maidanak Observatory in 1999—2002. New minima moments were obtained and the improved ephemeris of the binary is: MinI = HJD2442633.3955(90) + 3.4848437(34) ⋅ E. According to the shape of the light curves all observations were grouped into two seasons: 1999—2001 and 2002. The light curves were solved by Lavrov's direct method, and the photometrical orbit elements were calculated. We estimated the fundamental parameters of the components and the latter are found to be B1 III and B3 III stars. On the distance module, proper motions and age the close binary belongs to physical members of the OB-association Cyg OB9.