The group, which relies on a network of activists, lawyers and doctors on the ground in Syria, said it had documented 125,835 deaths in the conflict up to December 1.
The dead include 44,381 civilians, among them 6,627 children and 4,454 women.
The group said at least 27,746 opposition fighters had been killed, among them just over 19,000 Syrian civilians who took up arms to battle President Bashar al-Assad's regime.
The opposition toll also includes 2,221 army defectors and 6,261 non-Syrians who have joined the rebel side.
That figure includes 31,174 soldiers, and 19,256 members of Syrian pro-regime militia.
The group said it had also documented the deaths of 232 members of the Lebanese Shiite group Hezbollah, and 265 other non-Syrian Shiite fighters battling alongside the regime.
The Observatory said it had also recorded an additional 2,781 deaths of unidentified individuals.
The bloody conflict in Syria began in March 2011, with peaceful anti-government protests inspired by similar movements in Tunisia, Egypt and Libya.
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