High resolution, high S/N spectra of the visual binary HD 53705 and HD 53706 have been analyzed in detail. The basic stellar atmospheric parameters, i.e., effective temperature, gravity, iron and lithium abundances, and degree of chromospheric activity, have been determined from purely spectroscopic criteria. The location of the binary system in the HR diagram is discussed, and a spectroscopic parallax is evaluated by fitting the least evolved component on a theoretical ZAMS. The age of the system is discussed with reference to recent theoretical isochrones.