In this paper we report the results of high-resolution circular spectropolarimetric monitoring of the Herbig Ae star V380 Ori, in which we discovered a magnetic field in 2005. A careful study of the intensity spectrum reveals the presence of a cool spectroscopic companion. By modelling the binary spectrum we infer the effective temperature of both stars: $10500pm 500$ K for the primary, and $5500pm500$ K for the secondary, and we argue that the high metallicity ($[M/H] = 0.5$), required to fit the lines may imply that the primary is a chemically peculiar star. We observe that the radial velocity of the secondarys lines varies with time, while that of the the primary does not. By fitting these variations we derive the orbital parameters of the system. We find an orbital period of $104pm5$ d, and a mass ratio ($M_{rm P}/M_{rm S}$) larger than 2.9. The intensity spectrum is heavily contaminated with strong, broad and variable emission. A simple analysis of these lines reveals that a disk might surround the binary, and that a wind occurs in the environment of the system. Finally, we performed a magnetic analysis using the Least-Squares Deconvolved (LSD) profiles of the Stokes $V$ spectra of both stars, and adopting the oblique rotator model. From rotational modulation of the primarys Stokes $V$ signatures, we infer its rotation period $P=4.31276pm0.00042$ d, and find that it hosts a centred dipole magnetic field of polar strength $2.12pm0.15$ kG, with a magnetic obliquity $beta = 66pm5^{circ}$, and a rotation axis inclination $i=32pm5^{circ}$. However, no magnetic field is detected in the secondary, and if it hosts a dipolar magnetic field, its strength must be below about 500 G, to be consistent with our observations.
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