In this note, we introduce the notion of modulus of p-variation for a function of a real variable, and show that it serves in at least two important problems, namely, the uniform convergence of Fourier series and computation of certain K-functionals. To be more specific, let ν be a nondecreasing concave sequence of positive real numbers and 1 ≤ p < ∞. Using our new tool, we first define a Banach space, denoted Vp [ν], that is intermediate between the Wiener class BVp and L ∞ , and prove that it satisfies a Helly-type selection principle. We also prove that the Peetre K-functional for the couple (L ∞ , BVp) can be expressed in terms of the modulus of p-variation. Next, we obtain equivalent sharp conditions for the uniform convergence of the Fourier series of all functions in each of the classes Vp[ν] andwhere ω is a modulus of continuity and H ω denotes its associated Lipschitz class. Finally, we establish optimal embeddings into Vp[ν] of various spaces of functions of generalized bounded variation. As a by-product of these latter results, we infer embedding results for certain symmetric sequence spaces.