We obtained far-ultraviolet spectra of the Seyfert 1 galaxy NGC 7469 using the FUSE on 1999 December 6. Our spectra cover the wavelength range 990-1187 A with a resolution of 0.05 A. We see broad emission lines of CIII, NIII, OVI, and HeII as well as intrinsic absorption lines in the OVI 1032,1038 resonance doublet. The absorption arises in two distinct kinematic components at systemic velocities of -569 km/s and -1898 km/s. Both components are very highly ionized- no significant Ly beta absorption is present. The higher blueshift component is not quite saturated, and it has a total OVI column density of 8e14/cm2. It covers more than 90% of the continuum and broad-line emission. The lower blue shift component is heavily saturated and covers only 50% of the continuum and broad-line emission. It too has a column density of 8e14/cm2, but this is less certain due to the high saturation. We set an upper limit of <1.5e18/cm2 on the OVI column density of this component. Its line depth is consistent with coverage of only the continuum, and thus this component may lie interior to the broad emission-line gas. The component at -569 km/s has a velocity comparable to the high-ionization X-ray absorption lines seen in the XMM-Newton grating spectrum of NGC 7469, and photoionization models show that the observed column densities of OVI and HI are compatible with their formation in the same gas as that causing the X-ray absorption. The gas at -1898 km/s has lower ionization and column density, and no significant X-ray absorption is associated with it.