An analysis of new spectroscopic and photoelectric UBV observations, satisfactorily covering the whole orbital period of V436 Per, together with existing data allowed us to improve the knowledge of the basic physical characteristics of the binary and its components. In several aspects, our new results differ from the findings of Paper I of this series: in particular, we found that it is the star eclipsed in the secondary minimum which is slightly more massive and larger than the optical primary. We also conclude that the apsidal advance - if present at all - is much slower than that estimated in a previous study. The orbital period might be increasing by 0.28 s per year but also this finding is very uncertain and needs verification by future observations. It is encouraging to note that two completely independent sets of programs for light-curve solutions lead to identical results. A notable finding is that both binary components rotate with very similar - if not identical - rotational periods of 1(d).45 and 1(d).40, much shorter than what would correspond to a 10(d).9 spin-orbit synchronization period at periastron. Rapid line-profile changes reported earlier could not be confirmed from new, dedicated series of high-resolution and S/N spectra.