Abstract The variation in the orbital period of the W UMa type contact binary V502 Oph is analyzed. The orbital period exhibits a wavelike variation with a periodicity of 23.0 years and an amplitude of ΔP = 1.24×10−6 days superimposed on secular decrease of dP/dt = 1.68×10−7 day per year. The long-term decrease may be accompanied by the contraction of the secondary at a rate of 83 m per year and a mass transfer rate from the primary to the secondary of 4.28×10−8M⊙ per year. The short-term oscillation may be explained by the presence of a third component. Orbital elements of the third body and its possible mass are presented.
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