The stellar populations of intermediate-redshift galaxies can shed light onto the growth of massive galaxies in the last 8 billion years. We perform deep, multi-object rest-frame optical spectroscopy with IMACS/Magellan of ~70 galaxies in the E-CDFS with redshift 0.65<z<0.75, apparent magnitude R>22.7 and stellar mass >10^{10}Msun. Following the Bayesian approach adopted for previous low-redshift studies, we constrain the stellar mass, mean stellar age and stellar metallicity of individual galaxies from stellar absorption features. We characterize for the first time the dependence of stellar metallicity and age on stellar mass at z~0.7 for all galaxies and for quiescent and star-forming galaxies separately. These relations for the whole sample have a similar shape as the z=0.1 SDSS analog, but are shifted by -0.28 dex in age and by -0.13 dex in metallicity, at odds with simple passive evolution. We find that no additional star formation and chemical enrichment are required for z=0.7 quiescent galaxies to evolve into the present-day quiescent population. However, this must be accompanied by the quenching of a fraction of z=0.7 Mstar>10^{11}Msun star-forming galaxies with metallicities comparable to those of quiescent galaxies, thus increasing the scatter in age without affecting the metallicity distribution. However rapid quenching of the entire population of massive star-forming galaxies at z=0.7 would be inconsistent with the age/metallicity--mass relation for the population as a whole and with the metallicity distribution of star-forming galaxies only, which are on average 0.12 dex less metal-rich than their local counterparts. This indicates chemical enrichment until the present in at least a fraction of the z=0.7 massive star-forming galaxies.[abridged]
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