A multisite photometric campaign for the Beta Cephei and eclipsing variable 16 Lacertae is reported. 749 h of high-quality differential photoelectric Stromgren, Johnson and Geneva time-series photometry were obtained with ten telescopes during 185 nights. After removing the pulsation contribution, an attempt was made to solve the resulting eclipse light curve by means of the computer program EBOP. Although a unique solution was not obtained, the range of solutions could be constrained by comparing computed positions of the secondary component in the Hertzsprung-Russell diagram with evolutionary tracks. For three high-amplitude pulsation modes, the uvy and the Geneva UBG amplitude ratios are derived and compared with the theoretical ones for spherical-harmonic degrees l <= 4. The highest degree, l = 4, is shown to be incompatible with the observations. One mode is found to be radial, one is l = 1, while in the remaining case l = 2 or 3. The present multisite observations are combined with the archival photometry in order to investigate the long-term variation of the amplitudes and phases of the three high-amplitude pulsation modes. The radial mode shows a non-sinusoidal variation on a time-scale of 73 yr. The l = 1 mode is a triplet with unequal frequency spacing, giving rise to two beat-periods, 720.7 d and 29.1 yr. The amplitude and phase of the l = 2 or 3 mode vary on time-scales of 380.5 d and 43 yr. The light variation of 2 And, one of the comparison stars, is discussed in the Appendix.