The eruptive young star V899 Mon shows 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 multifilter 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 spectroastrometric analysis of emission lines recovered jet and disk emission of V899 Mon. We found that 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 ⊙. After a discussion of the physical changes that led to the changes in the observed properties of V899 Mon, we suggest that this object is finishing its second outburst.