High-speed photometry of the nova-like variable Stepanyan's star shows a 3-hr 48-min orbital period marked by a 2.2-mag eclipse which spans orbital phases 0.91-0.09. The uneclipsed light is variable by typically 0.15 mag on time scales of minutes to seconds and shows no obvious modulation with orbital phase. Intermediate-band colors show an enhancement in Balmer continuum emission and in red light during the eclipse.