We present extensive optical, infrared, and X-ray observations of the S-type symbiotic low-mass X-ray binary GX 1+4/V2116 Oph, which consists of a 2 minute X-ray. pulsar accreting from an M6 III giant, This is the only symbiotic system definitely known to contain a neutron star. The mean observed spectral type of the X-ray-heated mass donor is M5 III. The steady interstellar extinction toward the binary (A(V) = 5.0 +/- 0.6) contrasts the variable hydrogen column density inferred from X-rag measurements, most likely evidence for a variable stellar wind. The mass donor is probably near the tip of the first-ascent red giant branch, in which case the system is 3-6 kpc distant and has an X-ray luminosity of similar to 10(37) ergs s(-1). It is also possible, though less likely, that the donor star is just beginning its ascent of the asymptotic giant branch, in which case the system is 12-15 kpc distant and has an X-ray luminosity of similar to 10(38) ergs s(-1). However, our measured A(V) argues against such a large distance. We show that the dense (N-e similar to 10(9) cm(-3)) emission-line nebula enshrouding the binary is powered by ultraviolet radiation from an accretion disk. The emission-lint spectrum constrains the temperature profile and inner radius of the disk (and thus the pulsar's magnetic field strength), and we mention the implications this has for explaining the accretion torque reversals observed in the pulsar. We also show that the binary period must be greater than or similar to 100 days and is most Likely greater than or similar to 260 days, which makes GX 1+4 the only known low-mass X-ray binary with P-orb > 10 days. If the mass donor fills its Roche lobe, the mass transfer rate must be highly super-Eddington, which requires considerable mass loss from the binary. We discuss the alternative possibility that the accretion disk forms from the slow, dense stellar wind expected from the red giant.