This paper presents results from the combined analysis of light curve (from the All Sky Automated Survey) and radial velocity curves (from Nordstrom et al., 1997) of the eclipsing binary IL Lib. The final solution describes the system as a detached binary. Absolute parameters of this southern detached binary were calculated as follows: M1 = 1.49 +/- 0.12 M-circle dot, M-2 = 1.31 +/- 0.14 M-circle dot, R-1 = 1.52 +/- 0.23 R-circle dot, R-2 = 1.52 +/- 0.23 R-circle dot, L-1 = 4.99 +/- 2.07 L-circle dot and L-2 = 3.65 +/- 1.55 L-circle dot. The distance to IL Lib was computed as 103 +/- 20 pc using the distance modulus with corrections for interstellar extinction. The positions of the components of IL Lib in the HR diagram are also discussed. (C) 2017 Elsevier B.V. All rights reserved.