Based on parallax measurements obtained during the Hipparcos mission, it is approximately 960 light-years (290 parsecs) distant from the Sun.

Although it appears as a single point of light to the naked eye, it actually consists of six components of apparent magnitude 14.3 or brighter.

The designations of the constituents as Beta Lyrae A, B and C, or alternatively WDS J18501+3322A, B and C, and additionally WDS J18501+3322D, E and F, and those of A's components - Beta Lyrae Aa, Aa1, Aa2 and Ab - derive from the convention used by the Washington Multiplicity Catalog (WMC) for multiple star systems, and adopted by the International Astronomical Union (IAU).

[29] Consequently, the Chinese name for Beta Lyrae itself is 漸台二 (Jiāntāièr, English: the Second Star of Clepsydra Terrace.)

Because the pair are in a close orbit, as this star expanded into a giant it filled its Roche lobe and transferred most of its mass over to its companion.

[2] This accretion disk blocks humans' view of the secondary star, lowering its apparent luminosity and making it difficult for astronomers to pinpoint what its stellar type is.

The difference in magnitudes suggests its spectral class is in the range B2-B5 V. This companion would make Beta Lyrae A a hierarchical triple system.

This causes Beta Lyrae to regularly change its apparent magnitude from +3.2 to +4.4 over an orbital period of 12.9414 days.

[41] Components A, B, and F are thought to be members of a group of stars around β Lyrae, at approximately the same distance and moving together.

[39] Analysis of Gaia Data Release 2 astrometry reveals a group of about 100 stars around β Lyrae which share its space motion and are at the same distance.