We present precise measurements of the η and K0 masses using the processes ϕ→ηγ, η→γγ and ϕ → KS K L, KS→π+π. The K0 mass measurement, MK = 497.583±0.005stat±0.020syst MeV, is in acceptable agreement with the previous measurements but is more accurate. We find mη = 547.874±0.007stat±0.029syst MeV. Our value is the most accurate to date and is in agreement with two recent measurements based on η decays, but is inconsistent, by about 10σ, with a measurement of comparable precision based on η production at threshold.