We experimentally investigate an optical frequency standard based on the 467 nm (642 THz) electric-octupole reference transition 2 S 1/2 (F = 0) → 2 F 7/2 (F = 3) in a single trapped 171 Yb + ion. The extraordinary features of this transition result from the long natural lifetime and from the 4f 13 6s 2 configuration of the upper state. The electric-quadrupole moment of the 2 F 7/2 state is measured as −0.041(5) ea 2 0 , where e is the elementary charge and a0 the Bohr radius. We also obtain information on the differential scalar and tensorial components of the static polarizability and of the probe-light-induced ac Stark shift of the octupole transition. With a real-time extrapolation scheme that eliminates this shift, the unperturbed transition frequency is realized with a fractional uncertainty of 7.1 × 10 −17 . The frequency is measured as 642 121 496 772 The basis of all precise atomic clocks is a transition frequency that represents an unperturbed quantum property of the chosen atomic system. The most impressive progress in clocks of high accuracy has recently been made with optical transitions between states with vanishing electronic angular momentum (J = 0) in Al + and Sr [1,2]. The frequency of this type of transition is in general only weakly affected by external electric and magnetic fields. Here we present a precision study of a reference transition of a very different type, an electric-octupole transition (∆J = 3) connecting the 2 S 1/2 ground state with the 2 F 7/2 first excited state in 171 Yb + , and show that it has a very low sensitivity to field-induced frequency shifts, making it a promising basis for an optical clock of the highest accuracy.At variance with other ion frequency standards, 171 Yb + offers the advantage of two optical reference transitions with high quality factor which have rather different physical characteristics. A frequency standard based on the electric-quadrupole 2 S 1/2 → 2 D 3/2 transition [3,4] is established as one of the secondary representations of the SI second. The electric-octupole 2 S 1/2 → 2 F 7/2 transition investigated in this Letter was first studied at the National Physical Laboratory (UK) [5]. The extraordinary features of this transition result from the long natural lifetime of the 2 F 7/2 state in the range of several years [5,6] and from its electronic configuration (4f 13 6s 2 ) consisting of a hole in the 4f shell surrounded by a spherically symmetric 6s shell. Since the octupole transition can be resolved with a linewidth that is virtually unaffected by spontaneous decay and determined only by the available laser stability, a quantum projection noise limited single-ion frequency standard with very low instability can be realized. The electric-quadrupole moment of the 2 F 7/2 state is predicted to be much smaller than that of the 2 D 3/2 state [7] so that the transition frequency is only weakly affected by the quadrupole shift from electric field gradients. Furthermore, there are no strong dipole transitions from the 2 F 7/2 state with excitation en...