  V899 Mon is an eruptive young star showing characteristics of both FUors and
EXors. It reached a peak brightness in 2010, then briefly faded in 2011,
followed by a second outburst. We conducted multi-filter optical photometric
monitoring, as well as optical and near-infrared spectroscopic observations of
V899 Mon. The light curves and color-magnitude diagrams show that V899 Mon has
been gradually fading after its second outburst peak in 2018, but smaller
accretion bursts are still happening. Our spectroscopic observations taken with
Gemini/IGRINS and VLT/MUSE show a number of emission lines, unlike during the
outbursting stage. We used the emission line fluxes to estimate the accretion
rate and found that it has significantly decreased compared to the outbursting
stage. The mass loss rate is also weakening. Our 2D spectro-astrometric
analysis of emission lines recovered jet and disk emission of V899 Mon. We
found the emission from permitted metallic lines and the CO bandheads can be
modeled well with a disk in Keplerian rotation, which also gives a tight
constraint for the dynamical stellar mass of 2 ${M_{\odot}}$. After a
discussion of the physical changes that led to the changes in the observed
properties of V899 Mon, we suggest this object is finishing its second
outburst.
